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Standard Chartered exits Zimbabwe market, sells business to FBC

HARARE – Zimbabwe business FBC Holdings Limited (FBCH), a leading financial services group in Zimbabwe, has announced that it will acquire Standard Chartered Bank (Zimbabwe) Limited and its related businesses, subject to regulatory approvals.

The deal will strengthen FBCH’s banking market share, customer base and competitiveness, while allowing Standard Chartered to focus on its global strategy and growth potential in other regions.

The two banks said they will ensure a smooth transition for their clients and staff, who will benefit from the combined expertise and experience of the two institutions.

The agreement was signed today in Harare by Sunil Kaushal from Standard Chartered and Dr John Mushayavanhu from FBCH.