Tafadzwa Nyikadzino

The Reserve Bank of Zimbabwe approved the acquisition of the Standard Chartered Bank by FBC Holdings yesterday in a development which saw the latter acquiring a 100 percent stake in the financial institution.

The Registrar of the Central Bank yesterday revealed that the transaction received a nod after it satisfied the authority’s monetary and stipulated regulations .

The transaction means FBC Holdings is now the owner of Standard Chartered Bank Zimbabwe Limited, a development which broadens its scope of business in the countries financial sector.