The bank will “operate as a separate bank, and we’re in the process of securing necessary approvals for the bank’s new name”.
FBC last year deposited US$34m into escrow to show “capacity” for the deal.
As at Dec 2022, FBC was Zim’s 4th biggest bank by loan book, accounting for 11% of loans (2021:10%). StanChart held 1.18% (from 3% in 2021).
FBC’s largest shareholders are NSSA (35%), Public Service Fund (11%), John Mushayavanhu (7% through his Tirent Investments)
<p>The post StanChart update on FBC takeover first appeared on Dandaro Online.</p>
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