FBC gets US$10m change in StanChart Zim’s acquisition

FINANCIAL group, FBC Holdings Limited’s (FBCH), purchase price of Standard Chartered Bank Zimbabwe (SCBZ) and its investment vehicle has been reduced by nearly 30% to US$23 896 650, after final appraisals.

Initially, FBCH, through FBC Bank Limited, deposited a sum of US$34 million with Standard Chartered Bank UK, the subsidiary of the British-based financial group Standard Chartered PLC which owned the then Standard Chartered Bank Zimbabwe.

The amount was based on the indicative net asset value of the bank  using a “proforma completion balance sheet” computed as of March 31, 2023.

This story is for NewsDay subscribers.