Standard Chartered Bank Uganda and Absa Bank Uganda, a wholly owned subsidiary of Absa Group, have signed an agreement for the sale of Standard Chartered Uganda’s Wealth and Retail Banking (WRB) business portfolio to Absa.
The move follows Standard Chartered’s announcement in November 2024 of its intention to explore a potential sale of the business, aligning with the Bank’s global strategy to focus resources where it offers the most distinctive client proposition. The transaction does not affect Standard Chartered’s Corporate and Investment Banking (CIB) operations in Uganda, which will continue as usual.
Under the agreement, all Standard Chartered WRB clients and employees will transition to Absa Bank Uganda. Both banks have committed to working closely together in the coming months to ensure a seamless transition for clients, staff, and other stakeholders.
The signing ceremony took place at Standard Chartered’s offices in Kampala and was led by the Chairperson of Standard Chartered Bank Uganda, Mrs. Maria Kiwanuka, and George Opio, Non-Executive Director of Absa Bank Uganda. The event was attended by 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 of Absa Bank Uganda, who jointly signed the agreement.
“In November last year, we set out how the Bank is doubling down on our affluent and cross-border strategy,” said Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya & Africa. “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 while safeguarding the interests of our valued clients and employees.”
Charles Russon, Absa Group Executive for Africa Regions, described the acquisition as a key step in advancing Absa’s Pan-African growth ambitions. “This transaction supports Absa’s strategic expansion and strengthens our position in Uganda’s financial services landscape. It enables us to broaden our retail and wealth management offerings and deliver increased convenience and value to customers,” he said.
David Wandera, Managing Director of Absa Bank Uganda, said the acquisition represents a significant milestone for the bank. “This transaction is an opportunity to welcome new customers and colleagues into the Absa family while reaffirming our long-term commitment to Uganda’s economic development. It brings us closer to our vision of becoming a market leader in providing innovative, customer-centric financial solutions,” he said.
Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, added that the sale marks a pivotal moment in executing the bank’s global strategy. “We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership, 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 remains subject to regulatory approvals.
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