Standard Chartered Bank Zambia has signed an agreement with First National Bank (FNB) Zambia for the sale of its Wealth and Retail Banking (WRB) business portfolio, marking a major development in Zambia’s financial sector.

The transaction, which follows Standard Chartered’s November 2024 announcement to explore a potential sale, forms part of the bank’s global strategic shift to focus resources on areas where it offers the most distinctive client propositions.

The deal does not affect Standard Chartered’s Corporate and Investment Banking (CIB) operations in Zambia, which will continue as usual.

Under the agreement, all Wealth and Retail Banking clients of Standard Chartered Zambia will be transferred to FNB Zambia, and all employees under the WRB division will be offered employment with FNB.

Both institutions have pledged to work closely together to ensure a smooth and seamless transition for customers and staff.

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

The event was attended by senior executives, including Bongiwe Gangeni, Head of Wealth and Retail Banking, Europe, Middle East & Africa, Standard Chartered, and Bydon Longwe, FirstRand CEO for Broader Africa.
Standard Chartered Zambia’s CEO and Managing Director, Sonny Zulu, and FNB Zambia CEO, Kapumpe Chola, signed the agreement on behalf of their respective institutions.

Speaking after the signing, Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya & Africa, described the sale as a key milestone in the bank’s strategic repositioning.

“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,” he said.

“We will work closely with FNB to ensure a smooth transition while safeguarding the interests of our valued clients and prioritising our employees.”

FNB Zambia CEO Kapumpe Chola hailed the acquisition as a transformative step for the bank and the country’s financial sector.

“This agreement signifies the strength and evolution of Zambia’s financial landscape,” Chola said.

“It opens new opportunities for growth, allowing us to expand services and deepen customer value across Zambia and the region.”

FNB Zambia, a subsidiary of FirstRand Group, operates in 10 African markets and has an international presence in India, China, the UK, the USA, and Guernsey.

Sonny Zulu, Managing Director of Standard Chartered Zambia, reaffirmed the bank’s long-term commitment to Zambia.

“This agreement reflects our strategic focus on areas where we can create the greatest impact,” Zulu noted.

“We remain committed to serving our Corporate and Investment Banking clients with excellence, while ensuring our Wealth and Retail Banking clients and colleagues transition smoothly to FNB Zambia.”

The transaction remains subject to regulatory approval.