Absa Bank Uganda and Standard Chartered Bank Uganda have entered into an agreement for the acquisition of Standard Chartered’s Wealth and Retail Banking business portfolio, marking a significant shift in Uganda’s banking landscape.
The agreement was signed today at Standard Chartered’s offices in Uganda, with the signing ceremony led by Maria Kiwanuka, Board Chairperson of Standard Chartered Uganda, and George Opio, Non-Executive Director of Absa Bank Uganda. The transaction remains subject to regulatory approvals from the Bank of Uganda and other customary conditions.
Under the agreement, all Standard Chartered Wealth and Retail Banking clients and employees will transfer to Absa, with both banks working together to ensure a smooth transition once regulatory approvals are granted.
David Wandera, Managing Director of Absa Bank Uganda, described the acquisition as a significant milestone. “This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions,” he said, adding that it represents an opportunity to welcome new customers and colleagues while reaffirming the bank’s long-term commitment to Uganda’s economic development.
The deal follows Standard Chartered’s November 2024 announcement of its intention to explore a potential sale, in line with the bank’s global strategy to concentrate resources where it offers the most distinctive client proposition. Standard Chartered’s Corporate and Investment Banking business within Uganda remains unaffected by the transaction.
Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, emphasized that the bank remains fully committed to Uganda, and its Corporate and Investment Banking clients will continue to receive high-quality service, while the bank is confident that Wealth and Retail Banking clients and colleagues will be well served by Absa.
Charles Russon, Absa Group Executive for Africa Regions, noted that the acquisition strengthens Absa’s position in Uganda and supports its wider pan-African growth strategy, enabling it to offer more retail and wealth management services.
The transaction, once completed following regulatory approval, will be one of the most significant deals in Uganda’s banking sector in recent years, further consolidating Absa Bank Uganda’s position as a major player in the country’s retail and wealth management.
