Standard Chartered To Sell Zimbabwe Subsidiary To FBC Holdings
British multinational bank Standard Chartered Plc on Thursday, 08 June announced it has agreed to sell its Zimbabwe subsidiary to local company FBC Holdings Limited as it moves ahead with plans to exit seven markets in Africa and the Middle East.
A report by Bloomberg indicates that Standard Chartered will transfer 100% of its shareholding in the unit, including the custodial services business, to FBC Holdings (FBCH).
FBCH will also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20.7% shareholding in Mashonaland Holdings.
In a statement on Thursday, Standard Chartered’s chief executive officer for Africa and the Middle East, Sunil Kaushal, said the agreement with FBCH “is in line with the bank’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale.”
Standard Chartered is exiting seven markets to simplify its operations and focus on higher growth areas within the region.
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The bank sold its Jordan business to Arab Jordan Investment Bank in March and will also fully exit Angola, Cameroon, Gambia, Jordan, Lebanon and Sierra Leone.
Standard Chartered will close its retail banking operations in Tanzania and the Ivory Coast to focus on corporate banking.
FBCH will continue to employ all Standard Chartered staff in Zimbabwe and will take over its clients in the country.
More: Pindula News
