by Standard Chartered Bank Zambia (SCBZ) has agreed to sell its Wealth and Retail Banking (WRB) business to First National Bank Zambia (FNB Zambia).
The sale includes:
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Loans worth ZMW 1.6 billion
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Customer deposits of ZMW 5.2 billion
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Wealth assets worth ZMW 3.8 billion
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Bank branches, ATMs, and staff who work in the WRB division
The total value of the deal is about USD 46.7 million, but it could change depending on the final asset values. FNB Zambia has already paid a USD 4.7 million deposit.
The sale still needs approvals from:
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The Bank of Zambia
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SCBZ shareholders
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The COMESA Competition Commission
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The Securities and Exchange Commission, if required
Once approved, all WRB assets and employees will officially move to FNB Zambia.
Why SCBZ is Selling
SCBZ wants to focus on corporate and investment banking, which it says gives better returns and growth. The sale will also free up money for SCBZ to return some capital to shareholders—possibly through a special dividend after the sale is complete.
Next Steps
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An Extraordinary General Meeting (EGM) will be held on 10 December 2025, where shareholders will vote on the deal.
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A transaction circular with full details will be shared by 26 November 2025.
Shareholders are advised to be careful when trading SCBZ shares until the sale process is finalized. Download the Cautionary announcement by the Lusaka Stock Exchange (LuSE) here.
