FBC acquires Standard Chartered, renames as FBC Crown Bank

FBC Holdings newly acquired Standard Chartered has officially changed name to FBC Crown Bank, regulatory authorities have said. FBC Crown Bank will operate semi-autonomously as a subsidiary of FBC Holding.

FBC Holdings is renaming the Standard Chartered business to Crown Bank, hoping to position the US$26.7 million acquisition as a premium banking offering in a competitive market.

FBC Bank was Zimbabwe’s fourth largest bank by loan book as at December 2022, the latest available figures from RBZ, accounting for 11% of loans. Standard Chartered held just 1.1% of loans in 2022, down from 3% in 2021.

Herbert Nkala, FBC Chairman, told shareholders that the acquired bank will operate independently of the company’s existing operation.

“FBC Crown Bank will operate semi-autonomously as a subsidiary of FBC Holdings. For now, it will retain its banking license. FBC Crown Bank will focus on wholesale banking for large blue-chip corporate clients and high net worth individual clients,” Nkala said at an AGM.

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