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FBC Holdings Limited (FBCH) has announced a significant financial development, revealing that it has received a refund of $10.1 million from the original $34 million escrow deposit related to its acquisition of Standard Chartered Bank Zimbabwe (SCBZ) and the Africa Enterprise Network Trust (AENT).
With this refund, the final purchase price for the acquisition now stands at $23.9 million, as detailed in a recent statement from FBC Holdings. The transaction was officially completed on May 18, 2024.
As part of the acquisition, SCBZ has been rebranded as FBC Crown Bank, which will operate as a semi-autonomous subsidiary under the FBC Holdings umbrella. FBC Crown Bank will specialize in wholesale banking services aimed at large corporate clients and high net worth individuals, while FBC Bank will continue to cater to consumers and SMEs.
“FBCH is grateful to its shareholders and all relevant stakeholders for their invaluable support during this transaction. We are confident that this strategic acquisition will significantly enhance shareholder value,” stated Tichaona Mabeza, Group Company Secretary. “We remain committed to creating long-term value for our shareholders and providing exceptional service to our combined customer base.”
FBC Chairman Herbert Nkala emphasized the strategic significance of the acquisition, stating, “FBC Crown Bank will operate independently, retaining its banking license and focusing on premium clients.”
CEO Trynos Kufazvinei noted that the acquisition has expanded the company’s customer base and increased its market share by 2-3%. He also highlighted the acquisition of AENT, which owns a 20% stake in property developer Mashonaland Holdings.
“With AENT now part of our group, we have strengthened our investment portfolio. We will explore collaborative opportunities to unlock value from these investments,” Kufazvinei said.
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