Standard Chartered and First National Bank (FNB) Zambia have entered into an agreement for the sale of Standard Chartered Zambia's Wealth and Retail Banking (WRB) business portfolio in Zambia.

This follows Standard Chartered's 27 November 2024 announcement of its intention to explore a potential sale, in line with the Bank's global strategy to concentrate resources where it offers the most distinctive client proposition. Standard Chartered's Corporate and Investment Banking (CIB) business within Zambia is unaffected.

Under the agreement, all Standard Chartered Zambia WRB clients will transfer to FNB Zambia 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. Rand Merchant Bank (RMB) served as the sole transaction advisor to FNB Zambia - a subsidiary of FirstRand Limited.

The announcement was made today at Standard Chartered's Head Office in Zambia where Acting Board Chairperson of Standard Chartered Zambia, Madam Irene Lombe Chibesakunda and Mr. Richard Mazombwe, Board Chair, FNB Zambia led the event. The signing ceremony was attended by Bongiwe Gangeni, Head, Wealth & Retail Banking, Europe Middle East & Africa, Standard Chartered and Bydon Longwe, FirstRand CEO of Broader Africa. Sonny Zulu, CEO and Managing Director, Standard Chartered Zambia, signed the agreement alongside Kapumpe Chola, CEO, FNB Zambia.

The signatories later had a meeting with staff of Standard Chartered in Zambia, including Standard Chartered Zambia's Acting Board Chairperson, Madam Lombe Chibesakunda.

Kariuki Ngari, Managing Director & CEO, Standard Chartered Kenya & Africa said: "In November last year, we set out how the Bank is doubling down on our affluent and cross-border strategy. 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. 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 prioritising our employees."

Commenting on the agreement, Kapumpe Chola, CEO of FNB Zambia stated, "Today represents a significant milestone as FNB Zambia and Standard Chartered formalise an agreement for the transfer of the Wealth and Retail Banking business. This moment underscores the strength, credibility, and evolution of Zambia's financial landscape. 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."

FNB Zambia is part of the FirstRand Group, a leading pan-African financial services provider operating in 10 African markets, with international operations in India, China, the UK, the USA, and Guernsey—serving a diverse global client base across retail, business, and wealth segments.

Sonny Zulu, Managing Director of Standard Chartered Zambia, noted: "This agreement marks a pivotal moment in executing our global strategy - focusing on areas where we are 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."

The transaction is subject to regulatory approvals. END