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FBC Holdings Completes Acquisition of Standard Chartered’s Zimbabwe Business

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HARARE – FBC Holdings Ltd. has successfully finalized the acquisition of Standard Chartered Plc’s business operations in Zimbabwe, marking a significant development in the country’s financial landscape.
According to a statement, FBC Holdings, commonly referred to as FBCH, is now in the process of completing the necessary administrative procedures. Trynos Kufazvinei, the group’s chief executive officer, affirmed that all employees from Standard Chartered will be retained under the new ownership.
“We are creating a financial powerhouse that caters to the evolving needs of Zimbabwe’s dynamic economy,” Kufazvinei stated. “The combined product and service offerings will allow us to serve a wider range of customers.”

The acquisition comes after Standard Chartered, headquartered in London, agreed in June of the previous year to sell its Zimbabwean operations to FBC Holdings. This move was part of Standard Chartered’s broader strategy to exit several markets in Africa and the Middle East.
Kariuki Ngari, chief executive officer of Standard Chartered Africa, emphasized the commitment of the group to continue facilitating international capital flows into Zimbabwe. Ngari expressed optimism about collaborating closely with FBCH in this regard.
The acquisition received approval from the registrar of Zimbabwe’s banking institutions in November, paving the way for FBCH to acquire 100% shareholding in Standard Chartered Bank’s local business.
This acquisition marks a significant consolidation in Zimbabwe’s banking sector and is expected to have a profound impact on the country’s financial landscape in the coming years.

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Vaghul was pioneering business leader with clear sense of duty: Ajay Piramal

“अव्यक्तोऽक्षर इत्यक्ुतस्तमाहुः परमांगति म।्

यंप्राप्य न नि वर्तन्र्त तेतद्धाम परमंमम।।”

Bhagavad Gita, Chapter 8, Verse 21 Translation: “That which the Vedantists describe as unmanifest and imperishable, that which is called the supreme destination, that place from which, having attained it, one never returns, that is My supreme abode.” Narayanan Vaghul was a good human being; a pragmatic man with an unwavering vision. His passing is a great loss not only to me personally but also to the countless people whose lives he has impacted. Over his long career as one of India’s most erudite businesspersons, he mentored and advised me graciously. Vaghul was on the Piramal board for 25 years. He provided us with clear and transparent thinking, making interventions where needed and gently guiding us to make brave decisions. I was always amazed by his sharp memory. He would accurately recall numbers discussed over a decade ago in the context of matters being presently discussed at a meeting. He was a great storyteller and conveyed his intent with simplicity and humour. We are ever grateful for his lucid wisdom. Vaghul had a deep knowledge of the scriptures and would often be heard saying that where science ends, spirituality begins, and vice versa. He adhered to the wisdom of Sanatana Dharma and acted upon it by putting this knowledge into everyday practice. His thoughts, words, and actions were completely aligned, allowing him to execute all his ideas to perfection. Narayanan Vaghul was a generous man. I have always observed how selfless he was in his actions and the way he lived. He always put the needs of the country first, working for the disempowered. Then, it was the companies he built and all their employees, and only then his own needs. He lived a very simple life, always humble, putting everyone’s needs before his own. For a man of such great accomplishments, he would regularly tell me that he had done nothing great but only his duty. Vaghul was a Bhishma Pitamaha to many, with a clear sense of duty governed by his convictions of right and wrong. A lion among men, Vaghul showed no fear when it came to doing the right things for the right reasons. His legacy of many firsts has undoubtedly had a profound impact on the evolution of modern banking in India. Beyond his professional achievements, Vaghul was known for his kindness, generosity, and dedication to uplifting others. He touched the lives of many through his mentorship and philanthropic efforts, embodying the qualities of a true humanitarian. Vaghul was the chairman of GiveIndia, a platform that enables individuals and institutions to donate to chosen causes, and Pratham, a philanthropic organization that focuses on children’s education. He instilled in me a strong sense of philanthropic duty and guided me with the framework for the Piramal Foundation. He was always there for me in difficult times, offering good counsel. He would only give advice when asked for, and not unnecessarily. This was a special and endearing aspect of his nature. Vaghul’s legacy will continue to live on through the lives he impacted and the transformative changes he brought to the banking industry in India. He will be remembered not only as a pioneering business leader but also as an inspirational figure who exemplified the best of humanity. Ajay G. Piramal is the chairman and executive director of the Piramal Group.

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Published: 19 May 2024, 11:07 PM IST

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Norris: Fighting at the front now business-as-usual

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} Lando Norris, after another consecutive strong Formula 1 weekend, claims that fighting at the front of the grid should be business as usual for McLaren.Norris may have not won the 2024 Emilia Romagna Grand Prix, but he definitely gave Max Verstappen a run for his money, the latter barely holding on to first, after a thrilling late-race tussle between two great F1 talents.The way Norris chased the Dutchman down, and the way the latter kept his composure under extreme pressure, showed how great their talents are, which bodes well for future grands prix in terms of competition, especially if Oscar Piastri joins the fight, not to mention the Ferraris.In McLaren’s race report, Norris said: “Another great weekend for the team. I fought hard right until the very last lap but we just lost out a little bit too much to Max in the beginning.“One or two more laps and it would have been beautiful – but just wasn’t meant to be today,” he lamented.However, the Briton was buoyant by McLaren’s Imola form, which confirmed that his win in the Miami GP was no fluke.He added: “We’ve been competitive all weekend and I think we’re at the point where we’re able to fight Ferrari and Red Bull consistently.“We must get used to that – the team is doing a very good job so it’s great that fighting at the front is now business-as-usual. We just need to keep focused on improving.“It’s still a surprise to say it’s frustrating to not win, but after last weekend and the improvements we made, it’s what we should start to expect,” Norris concluded.Piastri happy with his performancePiastri started the race on the back foot the three-place grid penalty from qualifying meaning he started from fifth and not second – where he qualified.He commented: “P4, a good day and I think that’s the most we could have done. I just got stuck behind Sainz for the first stint but the team made a great strategy call and we managed to overtake by pitting.“This weekend proves how far the team have come and we’re confident we can keep taking the fight to the front. However today, track position was so important, so I am happy with our work,” he pointed out.Speaking on Sky Sports F1, the young Australian insisted his time will come in F1, he said: “The last two weekends have been really good as a team but also for me personally they have been strong as well.“I have been happy with how I’ve been performing,” he admitted. “Of course, I want to get some better results for that but I’m sure if I keep doing the right thing, that time will come.“It’s exciting to be genuinely able to say we can fight for wins,” Piastri concluded.McLaren leave Imola still third in the 2024 F1 Constructors’ Championship. Norris is fourth in the Drivers’ Standings just six points behind Sergio Perez in third. Piastri is sixth with 53 points. Twitter Facebook LinkedIn

Francine Reveals How She Broke Into the Wrestling Business

– During a recent edition of Stories With Brisco & Bradshaw, former ECW talent Francine recalled how she first broke into the wrestling business. Below are some highlights (via WrestlingInc.com):
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‘Risky business’: Ohio sex worker had more than 200 clients while knowing she was HIV-positive

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Leccesse solicited most of those clients on Market Street in Marietta — a small city in southeast Ohio on the border of West Virginia — but the possibly infected people are believed to be spread across the East Coast.

Linda Leccesse had sexual contact with at least 211 people since learning she was HIV-positive, Ohio officials say. Marietta Police Department

“This case could stem anywhere from Florida up the East Coast, but there are local individuals that we will be reaching out to,” Washington County Sheriff’s Office Chief Deputy Warden said in a press conference last week, according to the Parkersburg News and Sentinel.

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“They’re not in trouble, this is public-health awareness. This is not a scam,” Warden said.

This is the home on Market Street in Marietta, Ohio, where Leccesse met with many of her clients over the past two years, authorities say. Google Maps

Anybody who may have been with Leccesse is asked to be “brutally honest” with officials, the Marietta/Belpre Health Department said.

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Leccesse was arrested May 13 for soliciting sex on Market Street, after which police learned she was HIV positive and had known for more than two years.

The next day she was indicted for engaging in solicitation after a positive HIV test, a third-degree felony.

Let’s Talk Business: Professional Development is Good for Business

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Business card-sized micro x86 compute module boasts N100 CPU, 8GB RAM, and Nvidia GPU support”…

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