Business

FNB Buys Standard Chartered’s Retail and Wealth Business in Zambia in Landmark Deal

Published

3 hours ago

October 29, 2025

Chiraag

FNB Zambia acquisition, Standard Chartered Zambia, FirstRand Group Africa, banking deal Zambia, Mary Vilakazi FirstRand, Kapumpe Chola FNB, African financial growth, Joburg ETC

A new era for Zambia’s banking scene

South Africa’s First National Bank (FNB) has just made one of its biggest cross-border moves yet. Through its Zambian subsidiary, FNB Zambia, the bank has officially acquired Standard Chartered Zambia’s Wealth and Retail Banking business, a deal that signals a major shift in the country’s financial landscape and a strategic win for one of Africa’s most ambitious banking groups.

The acquisition, announced this week by FirstRand Group, marks the next step in the company’s goal to strengthen its presence across the continent. FNB Zambia, which has been operating for 16 years, has grown into a trusted brand with a strong physical presence and digital footprint. This latest move will significantly expand its customer base, assets, and reach in Zambia’s growing retail and wealth banking markets.

Inside the deal

Under the agreement, FNB Zambia will take over all of Standard Chartered Zambia’s retail and wealth banking operations, including:

ZMW 1.6 billion (around R1.25 billion) in loans and advances
ZMW 5.2 billion (about R4.05 billion) in customer deposits
ZMW 3.8 billion (roughly R2.96 billion) in wealth management assets

The transaction also covers Standard Chartered’s ATMs, cash deposit machines, offices, and branch properties. Importantly, all clients will be transferred to FNB Zambia, and every employee from the Standard Chartered Zambia Wealth and Retail division has been offered a role within FNB. Both banks have promised a smooth transition process over the coming months.

A deal built on strategy, not chance

For FirstRand Group CEO Mary Vilakazi, the acquisition is not just about growth but precision. “In the African markets where we operate, our strategy has been to grow organically and find quality acquisitions that add scale,” she explained. “This one ticks all the right boxes: strong deposit and wealth management franchises and a talented local team.”

While FNB Zambia already ranks among the top five banks in the country, Vilakazi acknowledged that it had room to grow in the wealth segment. With this acquisition, the bank strengthens its foothold in a sector traditionally dominated by foreign players.

The move follows Standard Chartered’s decision in late 2024 to streamline its global operations and focus on markets where it offers the most distinctive value. Its Corporate and Investment Banking business in Zambia remains active and unaffected by the sale.

A win-win transition

According to Kariuki Ngari, CEO of Standard Chartered Africa, the sale represents progress rather than retreat. “This marks an important milestone in our strategy to accelerate income growth and improve returns,” he said, noting that the bank is doubling down on its affluent and cross-border focus.

Meanwhile, FNB Zambia CEO Kapumpe Chola expressed optimism about the deal’s impact on customers, saying that the acquisition will “enhance banking convenience, product diversity, and digital experiences for Zambian clients.”

Once approved by regulators and shareholders, the deal will be funded directly through FNB Zambia’s own resources, a sign of confidence in the bank’s financial strength and future trajectory.

What it means for Africa

For FirstRand, this acquisition reinforces its status as one of Africa’s leading financial powerhouses, with a portfolio that already includes RMB, WesBank, and Ashburton Investments. More importantly, it highlights how South African banks continue to expand their influence across the continent through calculated, sustainable growth.

As FNB Zambia absorbs Standard Chartered’s local operations, customers can expect the same trusted service with a more diversified range of products, from everyday banking to wealth management, under one of Africa’s most dynamic financial brands.