At a Glance
- FNB Zambia finalizes purchase of Standard Chartered’s retail and wealth banking unit.
- The deal expands FNB’s footprint and strengthens Zambia’s competitive retail banking market.
- Customers are assured of a smooth transition with uninterrupted banking services.
First National Bank (FNB) Zambia, a subsidiary of South Africa’s FirstRand Group, has finalized the purchase of Standard Chartered Bank’s Wealth and Retail Banking business in Zambia. The move marks one of the most significant shifts in the local banking landscape in more than a decade.
The deal, first disclosed after Standard Chartered announced plans to scale back its presence in select African markets in late 2024, highlights how regional lenders are stepping up to fill gaps left by global banks retrenching from smaller economies.
Under the agreement, Standard Chartered’s corporate and investment banking division in Zambia will continue to operate independently.
Smooth transition for customers
The transfer of accounts and assets from Standard Chartered to FNB will take place in phases over the coming months. Both banks said they are working closely to ensure that clients experience minimal disruption.
Everyday banking services, including deposits, withdrawals, and digital access, will remain uninterrupted throughout the transition.
Kapumpe Chola, FNB Zambia’s chief executive, said the acquisition fits into the bank’s long-term plan to strengthen its presence and deliver more inclusive financial services.
“This expansion strengthens our footprint, enhances service delivery, and allows us to bring more value to our customers and business partners,” Chola said in a statement.
A new chapter for Zambia’s retail banking
Founded in 2009, FNB Zambia operates as a full-service commercial bank serving individuals, small businesses, and large corporations across the country.
Over the years, it has built a reputation for investing in digital banking tools and small business financing, relying on the expertise of its parent group, FirstRand, to compete with larger multinational players.
The acquisition gives FNB direct access to Standard Chartered’s established retail and wealth management clientele, helping it expand its base in Zambia’s competitive consumer banking market.
It also strengthens its ability to serve affluent and middle-income customers seeking modern, tech-driven financial solutions.
For Standard Chartered, the sale is part of a broader effort to streamline its operations across emerging markets and focus on higher-growth regions in Asia and the Middle East.
The bank has been gradually exiting certain retail segments in Africa, a move analysts say reflects rising regulatory and cost pressures.
As Zambia’s financial industry continues to evolve, the deal signals a shift toward more regionally anchored institutions driving innovation and customer growth—banks that know the market firsthand and are betting on its long-term potential.
