(3 Minutes Read)
First National Bank (FNB) of South Africa has made one of its largest cross-border investments to date, with its Zambian arm, FNB Zambia, acquiring Standard Chartered Zambia’s Wealth and Retail Banking division. The move marks a major development in Zambia’s financial sector and strengthens FNB’s position as one of Africa’s leading banking groups.
The acquisition, announced by FirstRand Group this week, aligns with the company’s strategy to expand its footprint across Africa through targeted, high-value growth. Over its 16 years in Zambia, FNB has built a strong brand presence supported by both physical branches and digital platforms. This latest transaction will substantially increase its customer base, assets, and market share in Zambia’s retail and wealth banking segments.
Under the agreement, FNB Zambia will assume control of Standard Chartered Zambia’s retail and wealth portfolios, which include:
- ZMW 1.6 billion (≈ R1.25 billion) in loans and advances
- ZMW 5.2 billion (≈ R4.05 billion) in customer deposits
- ZMW 3.8 billion (≈ R2.96 billion) in wealth management assets
The deal also includes all associated infrastructure—ATMs, cash deposit machines, offices, and branch properties. All clients will transition to FNB Zambia, and every employee from Standard Chartered’s affected divisions will be offered roles at FNB. Both institutions have pledged a seamless transition process.
FirstRand Group CEO Mary Vilakazi said the acquisition reflects the group’s focus on disciplined expansion: “In every African market we operate, our goal is to combine organic growth with quality acquisitions that offer scale and value. This deal meets all those criteria—strong franchises, loyal clients, and skilled teams.”
While FNB Zambia already ranks among the country’s top five banks, this acquisition boosts its position in the wealth management sector, an area previously dominated by foreign institutions.
Standard Chartered’s sale follows its 2024 global restructuring plan to concentrate on markets where it holds a distinct competitive edge. Its Corporate and Investment Banking operations in Zambia will continue unaffected.
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The transaction will be funded entirely from FNB Zambia’s own resources, pending regulatory and shareholder approval—a testament to its financial stability and confidence in long-term growth.
For FirstRand, the deal underscores its status as a continental banking leader, alongside brands such as RMB, WesBank, and Ashburton Investments. It also highlights the growing influence of South African banks across Africa through strategic, sustainable expansion. Once integration is complete, FNB Zambia customers can expect expanded banking options—from everyday transactions to wealth management—under one of Africa’s most dynamic financial brands.
