Absa Bank Uganda Acquires Standard Chartered Uganda’s Wealth and Retail Banking Business
Absa Bank Uganda, a prominent South African banking group, has received approval from the Bank of Uganda to acquire Standard Chartered Uganda’s wealth and retail banking operation. As reported by Retail Banker International, this acquisition was agreed upon in October 2025 and is a strategic move by Standard Chartered to exit wealth and retail banking segments in Botswana, Uganda, and Zambia.
Strategic Move by Standard Chartered
Standard Chartered’s decision to sell its wealth and retail banking operations in Uganda, as well as in Botswana and Zambia, forms part of a broader strategy to consolidate its focus on its core strengths in Corporate & Investment Banking. Sanjay Rughani, CEO and managing director of Standard Chartered Uganda, expressed his confidence in Absa Bank’s potential to continue the strong retail franchise that Standard Chartered had successfully established in Uganda.
Impact on Customers
For customers of Standard Chartered Uganda, this transition will not bring any immediate changes. Absa Bank Uganda reassured that normal banking services would continue through existing channels. They also committed to communicating any forthcoming adjustments related to the transition well in advance in accordance with regulatory rules.
Next Steps in the Transition
The transition process for the transfer of Standard Chartered Uganda’s Wealth and Retail Banking (WRB) business is still underway. The deal will take effect after the completion of this process. Absa Bank has committed to maintaining open lines of communication with regulators, customers, and other stakeholders throughout this process, demonstrating its commitment to customer continuity and operational stability.
David Wandera, managing director of Absa Bank Uganda, views the Bank of Uganda’s approval as a significant milestone. He stated, “Drawing on our experience from the Barclays to Absa transition in 2019, Absa brings proven capability in managing complex banking transitions under regulatory oversight.”
With this strategic move, Absa Bank Uganda continues to demonstrate its long-term commitment to the Ugandan market, maintaining its reputation as a trusted and reliable banking institution.
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