Standard Chartered Zimbabwe (officially Standard Chartered Bank Zimbabwe Limited) is a commercial bank in Zimbabwe and a subsidiary of FBC Holdings since 2024. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.[3]
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1892 |
| Headquarters | Africa Unity Square Building Harare, Zimbabwe |
Key people | L T Manasta Chairman Ralph Watungwa Managing Director & CEO |
| Products | Loans, checking, savings, investments, debit cards |
| Revenue |  Aftertax: US$13.33 million (2017)[1] |
| Total assets | US$815.8 million (2017)[1] |
Number of employees | 582 (2018)[2] |
| Parent |
|
| Website | www |
Overview
editStanchart Zimbabwe is a large commercial bank, serving large corporate clients, upscale retail customers and medium to large business enterprises. As of December 2017, it had total assets that were valued at US$815.8 million with shareholders equity of US$84.6 million.[1]
The headquarters and main branch of Standard Chartered Zimbabwe are located on the First Floor of the Africa Unity Square Building, at 68 Nelson Mandela Avenue, in downtown Harare, the capital and largest city of Zimbabwe.[2] As of May 2018[update], Standard Chartered Bank Zimbabwe employed 582 personnel.[2]
History
editStandard Chartered Bank Zimbabwe is the oldest financial institution in Zimbabwe, having been established as Standard Bank in 1892. The current bank was created when Standard Bank merged with Chartered Bank in 1969.[4] According to the bank's website, Stanchart Zimbabwe served in excess of 90,000 account holders, as of May 2018.[5]
Until 2024, Stanchart Zimbabwe was a subsidiary of Standard Chartered Bank Group,[6] a London-based international financial services conglomerate with operations in more than sixty countries, having a network of more than 1,700 branches and 86,000 people.[7] The shares of stock of Standard Chartered Zimbabwe was owned by three corporate entities as illustrated in the table below, according to the bank's website.[2]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Standard Chartered Holdings Africa | 88.00 |
| 2 | Standard Chartered Bank Plc | 09.00 |
| 3 | Standard Chartered Holdings International | 03.00 |
| Total | 100.00 |
In May 2024, it was announced that FBC Holdings had completed its acquisition of the bank.[8]
Branches
editAs of May 2021, the bank maintained branches at the following locations:[2]
- Africa Unity Square Branch: Corner of Sam Nujoma Street and Nelson Mandela Avenue, Harare Main Branch
- Bulawayo Branch: Corner of 8th Avenue and Fife Street, Bulawayo
Governance
editAs of December 2017, the chairman of the seven-person board of directors was L T Manasta, one of the non-Executive Directors. Ralph Watungwa serves as the bank's managing director and chief executive officer.[1][2]
See also
editReferences
edit- ^ a b c d Stanchart Zimbabwe (15 March 2018). "Annual Report for the Year Ended 31 December 2017" (PDF). Harare: Standard Chartered Zimbabwe. Retrieved 16 May 2018.
- ^ a b c d e f Stanchart Zimbabwe (16 May 2018). "About Standard Chartered Bank Zimbabwe". Harare: Standard Chartered Bank Zimbabwe. Retrieved 16 May 2018.
- ^ Reserve Bank of Zimbabwe (16 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 16 May 2018.
- ^ Reserve Bank of Zimbabwe (2016). "Profile of Standard Chartered Bank Zimbabwe Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 16 May 2018.
- ^ Standard Chartered Zimbabwe (16 May 2018). "Standard Chartered Bank Zimbabwe: Review of Operations". Harare: Standard Chartered Bank Zimbabwe. Retrieved 16 May 2018.
- ^ CDC Group (17 May 2018). "CDC and Standard Chartered to provide up to US$100m of new lending to businesses in Zimbabwe". London: CDC Group. Retrieved 17 May 2018.
- ^ Standard Chartered (16 May 2018). "Standard Chartered Bank: Who We Are And What We Do". London: Standard Chartered Bank. Retrieved 16 May 2018.
- ^ "FBC completes Stanchart acquisition". The Sunday News. 19 May 2024. Retrieved 6 June 2024.
