Standard Chartered Bank Uganda and Absa Bank Uganda, a wholly owned subsidiary of Absa Group Limited, have signed a definitive agreement for the sale of Standard Chartered’s Wealth and Retail Banking (WRB) business portfolio in Uganda.
The transaction, announced on Wednesday, marks a significant development in Uganda’s banking sector and aligns with Standard Chartered’s global strategy to streamline operations and focus on markets and segments where it has the strongest competitive advantage.
Standard Chartered first disclosed its intention to explore the sale on 27 November 2024, as part of its plan to sharpen its focus on affluent, cross-border, and corporate banking clients. The Bank’s Corporate and Investment Banking (CIB) division in Uganda will remain unaffected by the transaction.
Under the agreement, all Standard Chartered’s WRB clients and employees will transition to Absa Bank Uganda. The two institutions have pledged to work closely over the coming months to ensure a seamless handover process for customers, staff, and other stakeholders.
The signing ceremony took place at Standard Chartered’s Kampala offices and was presided over by Mrs. Maria Kiwanuka, Board Chairperson of Standard Chartered Uganda, and Mr. George Opio, Non-Executive Director of Absa Bank Uganda. Also present were Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya and Africa, Sanjay Rughani, CEO and Managing Director, Standard Chartered Uganda, and David Wandera, Managing Director, Absa Bank Uganda — who all formally signed the agreement.
Speaking at the event, Mr. Ngari described the move as a key milestone in the bank’s ongoing transformation.
“In November last year, we set out how the Bank is doubling down on our affluent and cross-border strategy. 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. We look forward to working closely with Absa to ensure a smooth transition while safeguarding the interests of our valued clients and employees,” he said.
Mr. Charles Russon, Absa Group Executive for Africa Regions, welcomed the transaction as part of Absa’s long-term continental growth ambitions.
“This transaction supports Absa’s strategic Pan-African growth ambitions and strengthens our position in Uganda’s financial services landscape. It will enable Absa Uganda to broaden its retail and wealth management offerings, delivering greater convenience and value to our customers,” he noted.
On his part, Mr. Wandera, Absa Bank Uganda’s Managing Director, said the acquisition represents a major step toward market leadership.
“This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions. It’s an opportunity to welcome new customers and colleagues into the Absa family while reaffirming our long-term commitment to Uganda’s economic development,” he said.
Mr. Rughani, CEO and Managing Director, Standard Chartered Uganda, reiterated the bank’s continued presence in the country.
“This agreement marks a pivotal moment in executing our global strategy — focusing on areas where we are most differentiated and can create the greatest impact. We remain fully committed to Uganda, and our corporate clients will continue to receive the trusted service and innovative solutions they expect from Standard Chartered. We are confident that our WRB clients and colleagues will be in excellent hands with Absa,” he said.
The transaction is subject to regulatory approvals from the relevant authorities. Once completed, it will mark one of the most notable portfolio transfers in Uganda’s financial sector in recent years, potentially reshaping competition in the retail and wealth management segments.
