Five potential investors, including local and regional firms, have made their bids to acquire Standard Chartered Bank Zimbabwe (StanChart), the oldest financial institution in the nation.
On April 14 of 2022, the London-headquartered <a href="https://zero.pindula.co.zw/standard-chartered-bank-group-selling-selling-its-zimbabwean-subsidiary/">bank stated that it would withdraw</a> from Angola, Cameroon, the Gambia, Sierra Leone, Zimbabwe, Jordan, and Lebanon in the Middle East.
According to reports, the company is completely leaving these markets because StanChart accounted for only 1% of its 2021 revenue.
Bill Winters, the chief executive of Standard Bank, stated in April of last year that the financial institution was streamlining its operations while also narrowing its emphasis on the most significant chances for growth.
StanChart’s departure ends a 130-year presence in Zimbabwe.
According to the Independent, five investors have since submitted their bids and the list has since been reduced to three.
Banks which made bids:
<blockquote>
i). CBZ Holdings and 
ii). FBC Holdings 
iii). FNB of South Africa 
iv). South African bank Nedbank through its shareholder, Old Mutual Zimbabwe, 
v). A consortium representing Zimbabwean entrepreneurs (names supplied) is also on the list of bidders.
</blockquote>
StanChart Zimbabwe spokesperson Lillian Hapanyengwi said the process to identify potential buyers is ongoing.
Another source, however, said the finalisation of the transaction could be delayed by the upcoming general elections but confirmed bids from the five bidders.
This is not the first time that an international financial institution has exited the Zimbabwean market. 
On June 2, 2017, Barclays announced the sale of its outpost in Zimbabwe to Malawi-listed lender First Merchant Bank, a continuation of the bank’s exit from Africa.
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5 Investors Make Bids To Acquire Standard Chartered Bank Zimbabwe

CBZ Holdings Limited (CBZHL) is set to complete the acquisition of a 31.22 percent stake in First Mutual Holdings (FMHL) following approval of the transaction by shareholders at an extraordinary general meeting on Monday.
Group chairman, Marc Holtzman, said the main aim for the transaction was to create an institution that is well-calibrated to take any local risk and support operations in the region. He said during a post-EGM briefing to journalists:
<blockquote>
The intention is to have one big, strong insurance company; therefore, the idea is to merge the operations in the short term and this will be done as soon as possible.
</blockquote>
Prior to the transaction, CBZHL held a 3.23 percent shareholding in FMHL through a special purpose vehicle, PIM Nominees (Pvt) Limited.
The acquisition of the additional shares from NSSA, constituting 31.22 percent of the issued ordinary shares of FMHL, takes CBZ Holdings total shareholding to approximately 34.45 percent.
Mr Holtzman said the <a href="https://news.pindula.co.zw/2022/01/03/cbz-seeks-shareholders-approval-to-acquire-nssa-shares-in-first-mutual/">transaction would be a mixture of cash US$21 million to be paid in 18 months and equity.</a>
 Cash will be raised from the group’s assets and of the US$21 million, US$10 million will be paid within ten days of the fulfilment or waiver of the conditions precedent. 
More: <a href="https://www.chronicle.co.zw/justin-cbz-get-approval-to-buy-fml-stake/">The Chronicle</a>

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