Absa Bank Uganda to Acquire Standard Chartered Uganda’s Wealth and Retail Banking Business
Absa Bank Uganda, a wholly owned subsidiary of Absa Group, has signed an agreement to acquire Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business portfolio.
The move marks a major milestone in Absa’s growth as a pan-African, customer-focused financial institution. The acquisition will strengthen Absa’s presence in Uganda, broaden its service offerings, and enhance its ability to meet the evolving needs of clients across the continent.
Under the agreement, all Standard Chartered WRB clients and staff will transfer to Absa. Both banks will work closely together in the coming months to ensure a smooth and seamless transition for customers, employees, and other stakeholders.
Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa, said, “In November last year, we outlined our plan to focus 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 accelerate income growth and returns. We look forward to collaborating with Absa over the coming months to ensure a smooth transition while safeguarding our clients’ interests and supporting our employees.”
Absa Group Executive for Africa Regions, Charles Russon, noted, “This transaction supports Absa’s strategic Pan-African growth ambitions and strengthens our position in Uganda’s financial services sector. It will enable Absa Uganda to expand its retail and wealth management offerings while delivering greater value and convenience to customers.”
David Wandera, Managing Director of Absa Bank Uganda, said, “This acquisition is a significant step in our journey to become a market leader in innovative, customer-centered financial solutions. It provides an opportunity to welcome new customers and colleagues to the Absa family, reaffirming our commitment to Uganda’s economic growth.”
Sanjay Rughani, Managing Director of Standard Chartered Bank Uganda, added, “This agreement marks an important step in our global strategy to focus on segments where we are most differentiated. We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue receiving the same high-quality service. We are confident that our WRB clients and colleagues will thrive under Absa.”
The transaction is subject to customary conditions, including regulatory approvals. Further updates will be shared once all necessary approvals have been secured.
