FNB ZAMBIA TO TAKE OVER STANDARD CHARTERED’S RETAIL AND WEALTH BUSINESS
By Dingindaba Jonah Buyoya
Standard Chartered Bank has agreed to sell its retail and wealth banking business in Zambia to First National Bank (FNB).
The deal means all Standard Chartered’s personal banking customers and staff will move to FNB Zambia once the transaction receives regulatory approval.
The sale does not affect Standard Chartered’s corporate and investment banking operations, which will continue to operate in the country.
The announcement was made in Lusaka, where senior executives from both banks signed the agreement, including Standard Chartered Zambia’s Acting Board Chairperson Irene Lombe Chibesakunda and FNB Zambia CEO Kapumpe Chola.
Standard Chartered Africa CEO Kariuki Ngari said the sale was part of the bank’s global strategy to focus on areas where it can grow faster and offer more distinctive services.
“We are doubling down on our affluent and cross-border strategy,” he said.
“The sale of our Wealth and Retail Banking business to FNB Zambia marks an important milestone as we continue to accelerate income growth and returns.”
FNB Zambia’s CEO said the acquisition represented a “new chapter of growth” for the bank and reflected the strength of Zambia’s financial system.
“It unlocks greater opportunities to expand services and deepen customer value in Zambia and across the region,” she said.
FNB Zambia, part of South Africa’s FirstRand Group, already operates 24 branches and more than 1,700 agency outlets across the country.
Standard Chartered has been present in Zambia for more than a century. Its decision to exit retail banking follows similar moves by other international lenders across Africa, as global banks narrow their focus to corporate clients.
If approved, the deal will make FNB one of the biggest retail banks in Zambia by customer numbers.
@Jmulla_15 There’s so much to learn as a player and a coach watching these guys play. They’ve taken football to a whole new level of thinking with and without the ball.