FBC Holdings has acquired Standard Chartered Bank and rebranded it as Crown Bank in a major move poised to enhance its financial standing,.
FBC Holdings Limited (FBC), a diversified financial services group, snapped the Zimbabwean assets of Standard Chartered Bank.
As part of this acquisition, the iconic bank has been rechristened as Crown Bank, marking a significant addition to FBC’s growing portfolio.
This transaction solidifies FBC’s position as one of the leading financial institutions in Zimbabwe, further building on the 130-year legacy that Standard Chartered Bank had established in the country. Standard Chartered, the first commercial bank in Zimbabwe, has now exited the market after over a century of operation.
The acquisition, which was finalized in September 2023, was officially completed in May 2024, with FBC announcing the successful transfer of operations and assets.
“The purchase consideration has been satisfied in accordance with the terms of the sale and purchase agreement.
The transfer and official handover of SCBZ operations and ceding of the entire beneficial interest in the AENT to FBCH occurred on the 18th of May 2024 as reported in the Group’s 2024 half-year financial results,” read the statement from FBC.
The transaction, valued at US$24 million, reinforces FBC’s commitment to creating long-term value for shareholders and delivering exceptional service to its expanded customer base.
FBC paid US$24 million for the asset.
