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Chibesakunda & Co advises FirstRand Bank Limited on acquisition of Standard Chartered Bank Zambia’s Wealth and Retail Banking Business

Chibesakunda & Co is pleased to have acted as legal counsel to FirstRand Bank Limited, acting through its subsidiary First National Bank Zambia Limited (FNB Zambia), in the acquisition of the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Zambia Plc (SCBZ). 

This strategic transaction marks a significant milestone in Zambia’s financial services landscape, strengthening FNB Zambia’s position as a leading player in the retail and wealth banking segments. Through the acquisition, FNB will assume responsibility for Standard Chartered’s personal banking and wealth management client base, further expanding its footprint and service offering in Zambia. 

The Chibesakunda & Co team was led by Partners Mutale Kasonde and Louise Chilepa, supported by Associates Gomezgani Chiumya and Towela Musukwa. The firm’s associates were instrumental in driving the transaction forward, underscoring the strength of our well-resourced teams and our focus on helping clients realise their ambitions with confidence and clarity. 

Commenting on the transaction, Mutale Kasonde said: 

“We are proud to have supported FNB Zambia on this landmark acquisition, which reflects the continued growth and consolidation of Zambia’s financial sector. The transaction demonstrates investors’ continued confidence in Zambia’s banking industry and highlights the country’s potential as a regional hub for financial innovation and inclusion.” 

The deal aligns with FNB Zambia’s strategy to enhance its retail and wealth management capabilities, while supporting Standard Chartered’s focus on corporate, commercial, and wealth businesses across key markets. 

This transaction underscores Chibesakunda & Co’s expertise in complex M&A and financial sector transactions, as well as its longstanding commitment to providing clients with innovative, commercially focused legal advice across Zambia and the wider region. 
 
Chibesakunda & Co is part of DLA Piper Africa a network, a Swiss verein whose members are comprised of independent law firms in Africa working in collaboration with DLA Piper.