Standard Chartered Bank Zambia Plc (SCBZ) has announced the sale of its wealth and retail banking business to First National Bank Zambia Limited (FNBZ), marking a significant shift in Zambia’s financial sector as global lenders streamline operations across African markets.
The transaction, confirmed in a notice approved by the Lusaka Securities Exchange (LuSE) and the Securities and Exchange Commission of Zambia, positions FNBZ, part of South Africa’s FirstRand Group as a dominant player in Zambia’s retail and wealth banking landscape.
The sale includes ZMW 1.6 billion in loans and advances, ZMW 5.2 billion in customer deposits, and ZMW 3.8 billion in wealth assets under management. It also transfers all associated employees, automated teller machines (ATMs), cash deposit machines, and property assets, including branches and offices, from Standard Chartered to FNBZ.
According to the transaction statement, the agreement was signed on 29 October 2025 following nearly a year of negotiations and regulatory consultations. The move forms part of Standard Chartered’s global strategy to focus on high-growth, high-return markets and to strengthen its position in corporate and investment banking (CIB).
Under the terms of the agreement, FNBZ will acquire the wealth and retail business as a going concern, assuming all related assets and liabilities. The total consideration for the sale, including goodwill and adjustments, is expected to reach up to USD 150 million, with an initial deposit of USD 4.69 million already paid by FNBZ as an advance toward goodwill.
Completion of the transaction remains subject to several approvals, including consent from the Bank of Zambia, COMESA Competition Commission, and SCBZ shareholders, who are set to vote on the proposal at an Extraordinary General Meeting (EGM) scheduled for 10 December 2025.
In its announcement, SCBZ said the sale aligns with its long-term strategy to allocate resources to its most distinctive propositions, focusing on corporate and institutional clients where it can generate higher returns and stronger growth opportunities.
“The sale of the wealth and retail business will allow SCBZ to invest in growing the corporate and investment banking segment, where it expects to create greater shareholder value and drive stronger returns,” the company said in a statement. It added that proceeds from the sale would be used to return excess capital to shareholders, likely through a special dividend after all costs, tax implications, and regulatory requirements have been finalized.
Following the transaction, Standard Chartered’s earnings per share (EPS) are projected to rise by 366%, from ZMW 0.10 to ZMW 0.47, while its net asset value (NAV) per share is expected to grow by 52%.
First National Bank Zambia, established in 2009, is owned by Johannesburg-based FirstRand Limited, one of Africa’s largest financial institutions, with listings on both the Johannesburg and Namibian stock exchanges. FNBZ operates a digital-first model that integrates online, mobile, and traditional banking services for individuals, SMEs, and corporate clients across Zambia.
The acquisition will significantly expand FNBZ’s footprint in the Zambian retail market, positioning it as a key competitor to other major banks in the country such as Zanaco, Absa Zambia, and Stanbic Bank. With the integration of Standard Chartered’s retail portfolio, FNBZ gains a substantial customer base and access to high-value wealth management clients.
The sale’s completion hinges on multiple regulatory approvals. Besides the Bank of Zambia, both the COMESA Competition Commission and the Securities and Exchange Commission must clear the transaction before implementation. Shareholders of Standard Chartered Bank Zambia will also have the final say when they convene at the December EGM to vote on the deal.
A detailed transaction circular outlining financial and technical information will be distributed to shareholders by 26 November 2025 and made available online through the LuSE and SCBZ websites.
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