Sikhulekelani Moyo, business journalist
The Reserve Bank of Zimbabwe (RBZ) says the sale of Standard Chartered Bank Zimbabwe Limited will result in a change in ownership and control of the giant banking institution, which will continue to operate normally under the supervision of the Central Bank.

In a statement on Friday, RBZ Governor Dr John Mangudya said Apex Bank had been officially notified of the exit of Standard Chartered Bank Group from Zimbabwe and some other countries in the Middle East and Africa.

These include Angola, Cameroon, Gambia, Jordan, Lebanon and Sierra Leone. This decision is part of the group’s new business model and strategic repositioning.

“The bank wishes to inform the public that Standard Chartered Bank Zimbabwe Limited has given formal notice that Standard Chartered Group has made the decision to divest of its business interests in Zimbabwe,” Dr Mangudya said.

“While the divestiture will result in a change in ownership and control of Standard Chartered Bank Zimbabwe Limited, the latter, which is currently adequately capitalized, liquid and profitable, will continue to operate normally under the responsibility of the Bank.”

Standard Chartered Bank is Zimbabwe’s oldest financial institution, having been established as Standard Bank in 1892.

The current bank was created when Standard Bank merged with Chartered Bank in 1969.

Meanwhile, Standard Chartered has assured its clients of the security of their deposits as it transitions out of the Zimbabwean market after more than 130 years in business.

The bank, which had already reduced its operations to just two branches, recently announced its exit from Zimbabwe.

Last week, Mr Protasius Jokonya, acting director of retail, retail and corporate banking at Standard Chartered Bank Zimbabwe, said the bank was committed to managing the exit process to minimize any disruption for the customers.

“Rest assured that we will continue to serve you as usual during the transition. Your deposits and money remain safe and you can continue to bank as usual,” he said in a message to customers,” he said.

“We will continue to update you on any relevant developments during the transition.”

Announcing the exit, Standard Chartered Group CEO Bill Winters said the bank was focused on simplifying its business.

“As we announced earlier in the year, we are focusing more on the most important growth opportunities while simplifying our business,” he said.

The markets that will be closed generated around 1% of the Standard Chartered Group’s total revenue in 2021 and a similar proportion of pre-tax profit. — @SikhulekelaniM1