By 
The Bank of Zambia (BoZ) has approved the transfer of Standard Chartered Zambia’s Wealth and Retail Banking (WRB) business to First National Bank (FNB) Zambia, clearing the way for the completion of a transaction first announced in October 2025.
The regulatory approval marks a major milestone for both banks and is expected to bolster FNB Zambia’s presence in the retail and wealth banking segments while enabling Standard Chartered Zambia to concentrate on its corporate and investment banking operations.
Following the approval, the two institutions will begin implementing the transaction, with customers and employees expected to receive regular updates throughout the migration process to ensure a smooth transition.
In a statement issued on Tuesday, Standard Chartered Zambia Chief Executive Officer and Managing Director, Sonny Zulu, said the clearance reflected the resilience and maturity of Zambia’s banking sector.
“This decision reflects our continued commitment to align our operations with the Standard Chartered Group’s global strategy, focusing on our core strengths in Corporate and Investment Banking,” Zulu said.
Read more: Breaking! Standard Chartered sells Zambia retail banking business to FNB Zambia
He added that the bank was proud of the retail franchise it had built over the years and expressed confidence that FNB Zambia would continue to grow the business while delivering enhanced customer experiences.
Zulu said that Standard Chartered would remain committed to supporting Zambia’s economic growth through facilitating trade, unlocking capital and providing advisory services across key sectors of the economy.
FNB Zambia Chief Executive Officer, Kapumpe Chola, welcomed the approval, describing it as a vote of confidence in both the country’s financial sector and the bank’s long-term investment in Zambia.
“We recognise the strong heritage and customer relationships Standard Chartered has built and look forward to welcoming customers and employees to FNB Zambia,” Chola said.
She added that the bank’s priority would be to ensure continuity of service, maintain customer trust and provide innovative banking solutions supported by its technology and workforce.
Chola added that FNB would work closely with regulators, customers and employees to ensure a seamless transition while contributing to a stronger and more inclusive financial services industry.
The acquisition is expected to strengthen FNB Zambia’s retail and wealth banking capabilities through the use of its existing infrastructure, digital platforms and operational expertise.
Both banks have assured customers that there will be no immediate changes to banking services, with normal operations continuing throughout the transition period.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments