Stanchart under FBCH: Here’s what you need to know

Standard Chartered Bank Zimbabwe ( SCBZ) will migrate to its new owners FBC Holdings ( FBCH) this month following approvals of the transactions by various stakeholders.

Following the migration, scheduled to take place from May 17 to May 19, the bank will continue to operate under its name for three months post migration. In a notice to its clients, the bank indicated that during this period, the bank will also be waiting for approval from the regulator for a name change.

“Further to our letter dated 20 March 2024, we are pleased to share with you some important updates on the migration of Standard Chartered Bank Zimbabwe ( SCBZ) to FBC Holdings ( FBCH). The migration period is scheduled to take place from 17 May 2024 at 1400hrs to the end of day 19 May 2024,” said the bank in an emailed message.

“As communicated before, the Bank will continue to operate as a separate legal entity and will maintain the same name, “Standard Chartered Bank Zimbabwe Limited” for up to 90 days from the date of migration, as we await regulatory approvals for the new name.

“You will be notified of the new name once the process is complete,” said the bank.

According to the bank, products and services at SCBZ will be migrated to the new bank during the two-day migration period. Account numbers, insurance policies, relationship or branch manager, call centre and contact centre numbers, stop orders, power of attorneys and mandates will remain the same.

“SCBZ’s registered name, Standard

Chartered Bank Zimbabwe ( SCBZ) and the SWIFT code ( SCBLZWHXXXX ) will not change as of the date of transfer and will remain that way post migration for up to 90 days. You will be notified of any future changes via email.

“There will be no changes to loan values and re-payments unless there are new regulatory directives from the central bank on loans and interest rates. We will maintain the current loan tenors and top up criteria which can only be reviewed in line with changes in the macro environment,” said Standard Chartered Bank.

Standard Chartered announced

PLC in April 2022 its decision to divest from several markets among them Zimbabwe. As a result, Limited was put

SCBZ up for sale and purchased with the

FBCH Reserve Bank of Zimbabwe ( RBZ) Registrar of Banking Institutions approving the transaction.

FBCH has indicated it expects to complete the acquisition of 100 percent shareholding in SCBZ in the second half of the year as it has received most of the necessary regulatory approvals and is working towards fulfilling conditions precedent to the acquisition.

“The group has subsequently received most of the necessary regulatory approvals and is working towards fulfilling conditions precedent to the acquisition.

“The complete takeover of the business is expected in the second half of the year,” said chairman Herbert

FBCH Nkala in an update for the year to December 2023.

FBCH has also added it anticipates a seamless integration of operations and reporting in the second half of 2024.