Standard Chartered Bank Uganda and Absa Bank Uganda have entered into an agreement for the sale of Standard Chartered’s Wealth and Retail Banking (WRB) business portfolio in Uganda.
This development follows Standard Chartered’s November 27, 2024 announcement of its intention to explore a potential sale, in line with the bank’s global strategy to concentrate resources in areas where it offers the most distinctive client proposition. Standard Chartered’s Corporate and Investment Banking (CIB) business in Uganda remains unaffected by the transaction.
Under the agreement, all Standard Chartered WRB clients and employees will transition to Absa Bank Uganda. Both banks have committed to working closely in the coming months to ensure a seamless transfer for clients, employees, and other stakeholders.
The signing ceremony took place at Standard Chartered’s Uganda offices, presided over by Mrs. Maria Kiwanuka, Board Chairperson of Standard Chartered Uganda, and Mr. George Opio, Non-Executive Director of Absa Bank Uganda. The event was also attended by Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa, Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, and David Wandera, Managing Director of Absa Bank Uganda.
Speaking at the signing, Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa, said: “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’s team to ensure a smooth transition, safeguard our clients’ interests, and prioritize our employees.”
Charles Russon, Absa Group Executive for Africa Regions, emphasized that the acquisition aligns with Absa’s Pan-African growth ambitions and enhances its presence in Uganda’s financial sector.
“This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape. It will enable Absa Uganda to broaden its retail and wealth management offerings and deliver increased convenience and value to our customers,” Russon said.
David Wandera, Managing Director of Absa Bank Uganda, hailed the acquisition as a significant milestone in Absa’s growth journey.
“This acquisition is a major step 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,” Wandera noted.
Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, reiterated that the move aligns with the bank’s global strategic focus.
“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 and Investment Banking clients will continue to receive the high-quality 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,” Rughani said.
The transaction remains subject to regulatory and customary approvals, with further updates expected once all conditions are fulfilled.
