Standard Chartered Bank Zimbabwe has been renamed FBC Crown Bank following its 100 percent acquisition by FBC Holdings in a deal worth around US$26 million sealed earlier this year.
FBC Crown Bank – previously own by United Kingdom-headquartered Standard Chartered Plc – will function semi-autonomously as a subsidiary of FBC Holdings, focusing on wholesale banking for large corporate clients and high-net-worth individuals.
Last year, as part of the transaction, FBC Holdings deposited US$34 million into an escrow account to show “capacity” to complete the deal.