FBC to acquire Standard Chartered’s business in Zimbabwe

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Standard Chartered, youth startup challenge leaving Zimbabwe

We saw it coming years before it was announced. Standard Chartered lost interest in the Zimbabwean market a long time ago and were, to be frank, just biding time, waiting for something to change. Last year, they said they had seen enough and decided Zimbabwe was too hot to handle.

Their loss is FBC’s gain. FBC Holdings Limited will be acquiring Standard Chartered’s business in Zimbabwe. We don’t know how many banks bid for Standard Chartered’s business but FBC won it. The Reserve Bank will have to approve the deal, I don’t see any reason why they would disapprove but I’ve been shocked before.

StanChart still has some high net worth customers and so I imagine there were many suitors. It would be interesting to find out how much the deal is worth. We might find out in time.

Here’s the full statement on FBC acquiring StanChart’s business in Zimbabwe:

FBC Holdings Limited (FBCH) signs agreement to purchase  Standard Chartered’s business in Zimbabwe

London, United Kingdom 08 June 2023: FBC Holdings Limited (FBCH) and Standard  Chartered Bank have entered into an agreement for the acquisition of Standard Chartered’s  business in the Republic of Zimbabwe, subject to the approval of the regulatory authorities  including the Reserve Bank of Zimbabwe (RBZ). 

The announcement was made today at Standard Chartered’s Headquarters in Harare,  Zimbabwe by Sunil Kaushal from Standard Chartered and Dr John Mushayavanhu from  FBCH, at a signing ceremony held in Harare. Under the agreement, FBCH will acquire 100  per cent of the shareholding in Standard Chartered Bank (Zimbabwe) Limited and by  extension, the custodial services business that is wholly owned by Standard Chartered Bank  Zimbabwe. As part of the agreement, FBCH will also acquire the economic interest in Africa  Enterprise Network Trust whose main asset is a 20.7% shareholding in Mashonaland  Holdings. FBCH will continue to employ all of Standard Chartered Bank Zimbabwe’s  employees. The two banks will work closely in the coming months to provide a seamless  transition for its clients and staff. 

In a statement released today, Sunil Kaushal, Regional Chief Executive Officer,  Africa & the Middle East (AME), stated “The agreement with FBCH for the sale of  Standard Chartered’s business in Zimbabwe is in line with the bank’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale. This strategic  decision allows us to redirect resources within the AME region to areas with significant  growth potential, ultimately enabling us to better support our clients”.  

According to Dr John Mushayavanhu, Group Chief Executive of FBC Holdings, the acquisition enables FBCH to consolidate its banking market share, customer base and  market competitiveness in a rapidly changing banking landscape.  

Commenting on the agreement, Dr John Mushayavanhu Group Chief Executive of  FBC Holdings Limited, said, “We are pleased to sign this agreement today and to have  been selected by Standard Chartered Bank as the preferred buyer. Standard Chartered is a  leading regional and international bank with more than 150 years of experience globally.  

The bank has been present in Zimbabwe for more than 130 years. Equally, FBCH is a  leading financial services group in Zimbabwe and the region, with interests in commercial  banking, insurance, re-insurance, micro-finance, stock-broking and mortgage finance. The  combined strengths of the two institutions will enable us to better respond to the ever changing requirements of our clients. 

Standard Chartered Bank’s clients can expect the continued provision of seamless trade  finance and cross-border payments by FBCH. We welcome Standard Chartered’s employees  to the FBCH group. Both clients and employees alike will benefit greatly from their  association with a leading financial institution such as FBCH. Ultimately, the acquisition will  further enhance shareholder value. Signing this agreement today is a testimony to the FBC  group’s strong financial position and further enhances its presence in the market. We thus  look forward to working closely with Standard Chartered Bank over the coming few months,  towards achieving a smooth transition and successful completion of the transaction. 

We are now in the process of securing the necessary regulatory approvals from all the  requisite regulators”. 

In April 2022, Standard Chartered strategically decided to divest from a number of markets,  namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan, and to  exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and  Tanzania. The Bank announced its sale of its business in Jordan earlier in March this year.  

For further information, please contact  

Roy Nyakunuwa – Head Group Marketing and Public Relations  FBC Holdings Limited  

45 Nelson Mandela Avenue,  



Phone: +263 773206861  

E- mail: roy.nyakunuwa@fbc.co.zw 

About FBC Holdings- FBCH is a leading Zimbabwe Stock Exchange listed financial  services Group in Zimbabwe and the region, with interests in commercial banking,  insurance, re-insurance, micro-finance, stock-broking and mortgage finance. With over 25  years’ experience in serving the diverse needs of individuals and corporate clients, the  Group is committed to nurturing sustainable solutions that enable the financial well-being  of the communities it serves.  


Also read:

FBC, another Zim Financial services firm to branch out to Botswana

FBC launches Mastercard Virtual Cards you can register for from home



  1. Anonymous

    Zimbabwe needs more banks to merge in the interest of providing better customer support. Why have 20 banks for such a population. IT makes banking easier but for in person banking needs 20 banks is a disaster. The downside is lots of workers will lose their jobs, but the clients should be the main beneficial not the shareholders. Right now clients are bearing the excessive burden of lack of service or expensive services due to having too many banks.

  2. Thanos

    In Zimbabwe one has to have many bank accounts incase the other is acting up.i have
    NMB lite ZWL and lite USD, ZB e-wallet USD and ZWL, Cabs Textacash ,Bancabc instabanc and prepaid visa card, Stewart Bank lite ZWL & Nostro and globetrotter Visa card ,Ecobank prepaid Visa card and ZWL account, Innbucks ,Stanbic Unayo, Omari Visa and ZWL, Ecocash ,FBC mobile moola

    1. Russo

      Zimbabwe only needs 6 banks that is Stanbic, Nedbank ,CBZ, FBC ,NMB and POSB the rest should merge .We don’t need them.

      1. Anonymous

        First Capital

  3. Thanos

    In Zimbabwe one has to have many bank accounts incase the other is acting up.i have
    NMB lite ZWL and lite USD, ZB e-wallet USD and ZWL, Cabs Textacash ,Bancabc instabanc and prepaid visa card, Stewart Bank lite ZWL & Nostro and globetrotter Visa card ,Ecobank prepaid Visa card and ZWL account, Innbucks ,Stanbic Unayo, Omari Visa and ZWL, Ecocash ,FBC mobile moola .

  4. Juno

    I for one am happy it is FBC

  5. Anonymous

    Shot reipapo FBC

  6. Lennon


    1. Oldy McOldface

      Haha! I was going to say there was no way some Stanchart clients would be chuffed with this, even if their accounts weren’t messed with in any way. Not to be punny but there is a Standard they got accustomed to that you don’t necessarily associate with FBC. It’s like going from Coca Cola to RC Cola (hands up all of you old enough to have tasted local RC Cola 😂😂😂)
      Anyway, hope it works out. So many legacy names in banking have packed up to date.

    2. Ashley

      This is exactly my take. There is no way I’m happy about this. I will definitely be winding my accounts down. I foresee a rapid decline in standards and customer service. It was one of the only reliable banks left in this country.

  7. Fanny

    🤣🤣I am with you on that

    1. Chris

      Fbc inoita sei lol 🤣 😂 , that’s why we need more banks coz of unreliability

  8. Ellie

    It’s sad! I’ll miss Stanchart.

  9. Oldy McOldface

    Well, given the Nostro fiasco, it looks like they may have pulled the trigger too late😅 Fun times!

  10. Dr E.M. Petros

    This is music to our ears. FBC as one best Bank. Appreciate the move. Been with StanChart for 44yrs. On the other hand, also banking with FBC for 7 yrs. Excellent move. Thumbs up.
    Dr EMP, Harare

  11. Leema

    Really am heartbroken. I loved my Stanchart so much

  12. Imi Vanhu Musadaro

    Haven’t the high net worth clients long since left. Stanchart announced long ago they were leaving, I doubt these clients were twiddling their thumbs waiting to see if any would it takeover in this economic hotbox.

    Don’t they also assume any legal obligations of the previous shareholders? In Zim, you can easily be sold a dud. Nonetheless, good luck to them.