By John Chola

In a significant move reshaping Zambia’s financial sector, Standard Chartered PLC has agreed to sell its Zambian Wealth and Retail Banking (WRB) business to First National Bank (FNB) Zambia, the companies announced on Wednesday.

The deal, signed on October 29, 2025, marks a major step in Standard Chartered’s global strategy to streamline its operations and focus on its core corporate and investment banking (CIB) and affluent client segments.

The bank first signaled its intent to explore a sale of the retail unit in November 2024.

The transaction will see FNB Zambia take over Standard Chartered’s entire WRB client portfolio in the country.

Crucially, all employees within the divested business will be offered employment with FNB, ensuring a transfer of expertise and continuity of service.

“This agreement marks a pivotal moment in executing our global strategy—focusing on areas where we are most differentiated,” said Sonny Zulu, Managing Director of Standard Chartered Zambia.

He confirmed the bank’s CIB operations in Zambia are unaffected and will continue to serve corporate clients.

For FNB Zambia, a subsidiary of the pan-African FirstRand Group, the acquisition represents a major expansion of its retail and wealth management footprint.

“Today represents a significant milestone… This strategic move signals a new chapter of growth, unlocking greater opportunities to expand services and deepen customer value in Zambia and across the region,” said Kapumpe Chola, CEO of FNB Zambia.

The acquisition positions FNB to significantly bolster its market share by integrating Standard Chartered’s established retail and wealth management clientele.

The deal is still subject to regulatory approvals, and the two banks will now work on a transition plan to be executed over the coming months.

Rand Merchant Bank (RMB) acted as the sole transaction advisor to FNB Zambia for the deal.