FBC to buy StanChart Zim

BUSINESS REPORTER

FBC Holdings Limited has won the bid to acquire Standard Chartered Plc’s Zimbabwean unit more than a year after the multinational banking group said it was exiting seven markets including Zimbabwe.

In a cautionary statement Thursday, FBC Holdings it was in negotiations for a possible acquisition of a business in the financial sector.

“Should these negotiations succeed, this may result in a material impact on the value of the Company’s securities. Accordingly, shareholders and the rest of the investing community are urged to exercise caution and to consult their investment advisors,” company secretary Tichaona Mabeza said.

“The board will duly keep the market informed of the outcome of these negotiations in due course.”

A source told Business Times Thursday that Standard Chartered Plc was forced to make an early announcement after FBC notified the Zimbabwe Stock Exchange on the transaction.

Until the latest developments, Vista Group Holding SA, the Guinea-headquartered financial institution, was shoo-in to acquire StanChart Zimbabwe.

It could not be established why the Simon Tiemtore-chaired group could not complete the acquisition.

Standard Chartered Plc, last year announced plans to exit Zimbabwe, Angola, Cameroon, The Gambia, Sierra Leone, Lebanon and Jordan as it redirects its resources within the Africa and Middle East region to where it has the greatest scale.

In Zimbabwe, Standard Chartered has been the oldest bank, having begun operations in 1892.

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