Standard Chartered Plc has agreed to sell its Zimbabwe business to FBC Holdings Ltd. as part of its plan to exit seven markets in Africa and the Middle East.
- The bank will transfer 100% of its share holding in the unit, including the custodial services business, to FBCH, which will also acquire the economic interest in Africa Enterprise Network Trust.
- Standard Chartered is exiting markets to simplify its operations and focus on higher growth areas within the region, and has already sold its Jordan business to Arab Jordan Investment Bank.
- FBCH will continue to employ all of Standard Chartered staff in Zimbabwe and take over its clients in the country.
- The agreement with FBCH is in line with the bank’s global strategy to achieve operational efficiencies, reduce complexity, and drive scale, according to Sunil Kaushal, Standard Chartered’s CEO for Africa and the Middle East.