The registerer of banking institutions  Zimbabwe has approved First Bank Corporation Bank purchase of Standard Chartered Bank.

In a statement, the Reserve Bank of Zimbabwe made the announcement to stakeholders.

Standard Chartered Plc recently agreed to sell its Zimbabwe business to FBC Holdings Ltd as it presses ahead with plans to exit seven markets in Africa including Zimbabwe and the Middle East.

The emerging markets-focused bank will transfer 100% of its share holding in the unit, including the custodial services business, to FBCH, as the investment holding company is known.

FBC will also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20.7% shareholding in Mashonaland Holdings.