FNB Zambia to Take Over Standard Chartered Retail Operations

First National Bank Zambia has struck a deal to acquire Standard Chartered's retail and wealth banking operations in what represents one of the largest banking sector transactions in recent years.

The agreement will transfer Standard Chartered's retail customers and wealth management clients to FNB once regulatory approvals are secured.

FNB Zambia CEO Kapumpe Chola said the deal demonstrates confidence in the country's economic prospects. "This strategic move underscores the confidence we have in the Zambian economy and the opportunities it presents," he said.

Standard Chartered customers will gain access to FNB's digital banking platforms and expanded service network following the integration.

FNB, which is owned by South Africa's FirstRand Group, has been growing its Zambian operations through digital services and locally-focused products.

The transaction comes as Zambia's banking sector shows signs of consolidation, with larger institutions expanding their market share. Neither bank disclosed the financial terms of the agreement.

The deal requires approval from the Bank of Zambia before it can be completed. Both banks said they would provide further details on the transition timeline for customers once regulatory clearance is obtained.