Standard Chartered Bank Uganda has signed an agreement to sell its Wealth and Retail Banking business to Absa Bank Uganda, transferring all clients and employees linked to the segment upon regulatory approval.
- •The sale does not affect Standard Chartered’s Corporate and Investment Banking operations in Uganda, which will remain in place.
- •The agreement follows Standard Chartered’s announcement on 27 November 2024 that it would explore the sale of selected retail and wealth businesses in Africa as part of a shift to focus on markets and client groups where it sees stronger returns.
- •The bank is prioritising its affluent and cross-border wealth strategy and strengthening fee-driven corporate banking across chosen regions.
Client Continuity
Under the transaction, Standard Chartered and Absa will coordinate a transition plan to ensure uninterrupted service. Both lenders stated that customers and staff will be fully supported through the change.
“The sale of our Wealth and Retail banking business in Uganda to Absa marks an important milestone as we continue to accelerate income growth and returns.” said Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya and Africa.
He added that the bank will work with Absa “to ensure a smooth transition while safeguarding the interests of our valued clients and prioritising our employees.”
For Absa Bank Uganda, the acquisition reinforces its push to expand in the retail and wealth market.
Absa Group Executive for Africa Regions, Charles Russon, said the transaction “supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape.” He noted that the deal will broaden Absa Uganda’s offerings and increase customer value.
Absa Bank Uganda Managing Director David Wandera described the agreement as a step in strengthening the bank’s competitive position.
“This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions. It represents an opportunity to welcome new customers and colleagues into the Absa family, while reaffirming our long-term commitment to Uganda’s economic development.”
The transaction is subject to regulatory approvals. No financial terms were disclosed.
