Standard Chartered and First National Bank has entered into an agreement with First National Bank (FNB) Zambia for the sale of its Wealth and Retail Banking (WRB) business portfolio in Zambia.
The announcement was made today at Standard Chartered’s Head Office in Lusaka, where the Bank’s Acting Board Chairperson, Irene Lombe Chibesakunda and FNB Zambia Board Chairperson Richard Mazombwe, led the event.
The agreement follows the institution’s 27 November 2024 announcement of its intention to explore a potential sale, in line with its global strategy to concentrate resources where it offers the most distinctive client proposition.
According to the Bank, the transaction will not affect its Corporate and Investment Banking (CIB) business within Zambia. Rand Merchant Bank (RMB) served as the sole transaction advisor to FNB Zambia – a subsidiary of FirstRand Limited.
Under the agreement, all Standard Chartered Zambia WRB clients will transfer to FNB and all WRB employees will be offered employment with FNB Zambia. The two banks will work closely together in the coming months to ensure a seamless transition for all stakeholders.
Speaking during the signing ceremony, Standard Chartered Managing Director, Sonny Zulu, noted that the sale marks a pivotal moment in executing the bank’s global strategy – focusing on areas where it is most differentiated and can create the greatest impact.
“We remain fully committed to Zambia, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions they expect from Standard Chartered. We are confident that our WRB clients and colleagues will be in excellent hands with FNB Zambia,” Mr. Zulu said.
And FNB Zambia Chief Executive Officer, Kapumpe Chola, said the agreement underscores the strength, credibility, and evolution of Zambia’s financial landscape.
“Today represents a significant milestone as FNB Zambia and Standard Chartered formalize an agreement for the transfer of the Wealth and Retail Banking business. This strategic move also signals a new chapter of growth, unlocking greater opportunities to expand services and deepen customer value in Zambia and across the region,” Ms. Chola stated.
At the same event, Standard Chartered Kenya & Africa, Managing Director & Chief Executive Officer, Kariuki Ngari, said the sale of the Bank’s Wealth and Retail banking business to FNB Zambia marks an important milestone as it continues to accelerate income growth and returns.
“In November last year, we set out how the Bank is doubling down on our affluent and cross-border strategy. We look forward to working closely with FNB’s team over the coming months to ensure a smooth transition while safeguarding the interests of our valued clients and prioritizing our employees,” he stressed.
The signing ceremony was also attended by Bongiwe Gangeni, Head, Wealth & Retail Banking, Europe Middle East & Africa, Standard Chartered and Bydon Longwe, FirstRand Chief Execuitve Officer of Broader Africa.
