FBC Holdings newly acquired Standard Chartered has officially changed name to FBC Crown Bank, regulatory authorities have said. FBC Crown Bank will operate semi-autonomously as a subsidiary of FBC Holding.
FBC Holdings is renaming the Standard Chartered business to Crown Bank, hoping to position the US$26.7 million acquisition as a premium banking offering in a competitive market.
FBC Bank was Zimbabwe’s fourth largest bank by loan book as at December 2022, the latest available figures from RBZ, accounting for 11% of loans. Standard Chartered held just 1.1% of loans in 2022, down from 3% in 2021.
Herbert Nkala, FBC Chairman, told shareholders that the acquired bank will operate independently of the company’s existing operation.
“FBC Crown Bank will operate semi-autonomously as a subsidiary of FBC Holdings. For now, it will retain its banking license. FBC Crown Bank will focus on wholesale banking for large blue-chip corporate clients and high net worth individual clients,” Nkala said at an AGM.
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