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FBC Holdings Limited acquires Standard Chartered Bank Zimbabwe Ltd

Story by Stanley James, Business Editor

FBC Holdings has acquired a 100 percent stake in Standard Chartered Bank Zimbabwe Limited after the approval of the transaction by the Reserve Bank of Zimbabwe (RBZ).

In a statement this Tuesday, the Central Bank through the Registrar of Banks revealed that the purchase of the 100 percent shareholding by FBC Holdings Limited in Standard Chartered Bank Zimbabwe Limited had satisfied monetary authorities’ stipulated regulations.

The transaction is among other factors expected to result in FBC Holdings Limited, a diversified banking conglomerate, broadening its scope of businesses within the financial sector.

It also means FBC Holdings is now the owner of Standard Chartered Bank Zimbabwe Limited in terms of all its assets including workers.

The takeover comes after the London based Standard Chartered PLC a few years ago announced plans to divest its operations in some emerging markets including Zimbabwe.

Market watchers believe the transaction will position local banks as leading players in the financial services sector, which is being described by central bank authorities as safe and sound for future businesses.

Meanwhile, another local bank, CBZ Holdings Limited is also pursuing efforts to acquire a controlling stake in ZB Financial Holdings Limited.

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