Standard Chartered Sells Wealth and Retail Banking Business to FNB Zambia

Standard Chartered Bank Zambia 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.

This follows Standard Chartered’s 27 November 2024 announcement of its intention to explore a potential sale, consistent with the Bank’s global strategy to focus resources on markets and segments where it can offer the most distinctive client proposition.
The transaction does not affect Standard Chartered’s Corporate and Investment Banking (CIB) operations in Zambia, which will continue as normal.

Smooth Transition for Clients and Employees

Under the terms of the agreement, all WRB clients will move to FNB Zambia, and all WRB employees will be offered roles within FNB Zambia. Both institutions will collaborate over the coming months to ensure a seamless transition for customers and staff.

Rand Merchant Bank (RMB), a subsidiary of FirstRand Limited, served as the sole transaction advisor to FNB Zambia for this deal

Signing Ceremony and Key Attendees

The signing ceremony took place at Standard Chartered Zambia’s Head Office, led by Madam Irene Lombe Chibesakunda, Acting Board Chairperson of Standard Chartered Zambia, and Mr. Richard Mazombwe, Board Chair of FNB Zambia.

Other dignitaries included Bongiwe Gangeni, Head of Wealth & Retail Banking for Europe, Middle East & Africa at Standard Chartered, and Bydon Longwe, CEO of FirstRand Broader Africa.
Sonny Zulu, CEO and Managing Director of Standard Chartered Zambia, signed the agreement alongside Kapumpe Chola, CEO of FNB Zambia.

After the signing, the signatories met with Standard Chartered Zambia staff, including the Acting Board Chairperson, Madam Chibesakunda, to discuss the next steps of the transition.

Leadership Perspectives on the Agreement

Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya & Africa, highlighted the importance of the transaction, stating:

“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 prioritizing our employees.”

Kapumpe Chola, CEO of FNB Zambia, emphasized the deal’s significance for Zambia’s financial landscape, saying:

“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 sector. 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.”

Continued Commitment to Zambia

FNB Zambia operates under the FirstRand Group, one of Africa’s largest financial services groups, with operations in 10 African markets and a presence in India, China, the UK, the USA, and Guernsey.

Sonny Zulu, Managing Director of Standard Chartered Zambia, reaffirmed the bank’s ongoing commitment to the country:

“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.”