Five potential investors, including local and regional firms, have made their bids to acquire Standard Chartered Bank Zimbabwe (StanChart), the oldest financial institution in the nation.
On April 14 of 2022, the London-headquartered bank stated that it would withdraw from Angola, Cameroon, the Gambia, Sierra Leone, Zimbabwe, Jordan, and Lebanon in the Middle East.
According to reports, the company is completely leaving these markets because StanChart accounted for only 1% of its 2021 revenue.
Bill Winters, the chief executive of Standard Bank, stated in April of last year that the financial institution was streamlining its operations while also narrowing its emphasis on the most significant chances for growth.
StanChart’s departure ends a 130-year presence in Zimbabwe.
According to the Independent, five investors have since submitted their bids and the list has since been reduced to three.
Banks which made bids:
i). CBZ Holdings and
ii). FBC Holdings
iii). FNB of South Africa
iv). South African bank Nedbank through its shareholder, Old Mutual Zimbabwe,
v). A consortium representing Zimbabwean entrepreneurs (names supplied) is also on the list of bidders.
StanChart Zimbabwe spokesperson Lillian Hapanyengwi said the process to identify potential buyers is ongoing.
Another source, however, said the finalisation of the transaction could be delayed by the upcoming general elections but confirmed bids from the five bidders.
This is not the first time that an international financial institution has exited the Zimbabwean market.
On June 2, 2017, Barclays announced the sale of its outpost in Zimbabwe to Malawi-listed lender First Merchant Bank, a continuation of the bank’s exit from Africa.
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The best employees left that bank a long time ago. Dead wood remaining.
To broaden the Zimbabwe financial markets, FNB Bank appears to be the most suitable bidder for stanchart out of all the names disclosed. Politics aside, more established regional or international banks brands will help construct Zim’s financial sector barttered image locally and abroad.
I hope those responsible for adjudication in such matters will put on their thinking caps,consider national interests above narrow partisan or personal egos and rise above all else to make a decision or award that helps build the nation by improving the financial sector image mix.
Nedbank, CBZ and FBC are seeking to consolidate their business positions. Nothing new will result from their acquisition of the assets of Stanchart in Zimbabwe, I mean nithing, zero.
However, due to their influence in the market, and national politics, especially CBZ and FBC, its not surprising if they will bag such a bid undeservedly.
The consortium of local personalities that have not been disclosed may not have the right foot size to fit the Stanchart shoe.
They may be PEPS, seemingly patriotic, but by bidding for this clearly beyond them asset, they are being very unpatriotic.
If they have any influence within their ranks, they should direct that influence towards FNB bid, effectively for the better of the country.
Munhu aakungoisa mari mubank kana achida Bank statement. Obva abudisa.