Standard Chartered Bank Zambia to Sell Wealth and Retail Banking Unit to FNB Zambia
Standard Chartered Bank Zambia Plc (SCBZ) has announced the sale of its wealth and retail banking (WRB) business to First National Bank Zambia Limited (FNBZ), following a business sale agreement signed today.
The transaction, subject to approvals from the Bank of Zambia, SCBZ shareholders, the COMESA Competition Commission, and, if required, the Securities and Exchange Commission, is expected to take effect once all conditions are met and operational readiness for the transfer is achieved.
The WRB business being sold comprises loans and advances totalling ZMW 1.6 billion, customer deposits of ZMW 5.2 billion, wealth assets under management of ZMW 3.8 billion, branch and office properties, ATMs and cash deposit machines, and WRB employees. FNBZ, a registered commercial bank owned by South Africa-based FirstRand Limited, will acquire the business as a going concern.
SCBZ’s Board said the sale aligns with the Bank’s strategy to focus on its corporate and investment banking segment, which offers higher growth potential and stronger returns. The proceeds from the transaction will enable SCBZ to reinvest in its CIB operations and return excess capital to shareholders via a special dividend.
Pro forma figures show the transaction will significantly enhance earnings per share (EPS) and net asset value (NAV) per share, reflecting the strategic benefits of the sale.
SCBZ shareholders will vote on the transaction at an Extraordinary General Meeting (EGM) scheduled for 10 December 2025. A detailed circular outlining the transaction will be made available on or about 26 November 2025 via the Lusaka Securities Exchange website, Stockbrokers Zambia Limited, or in hard copy from the company’s transfer secretary.
The Bank has cautioned investors to continue exercising care when dealing in SCBZ securities until completion of the transaction.
