KAMPALA, Uganda | Standard Chartered Bank Uganda has officially signed an agreement to sell its Wealth and Retail Banking (WRB) division to Absa Bank Uganda, a subsidiary of Absa Group, marking a major development in Uganda’s banking sector.
The move follows Standard Chartered’s November 2024 announcement outlining plans to streamline operations and focus on areas where it offers a unique competitive edge. The bank’s Corporate and Investment Banking operations will not be affected by the transaction.
Under the new agreement, all WRB clients and staff will transition to Absa Bank Uganda. Both institutions have pledged to ensure a smooth handover process that prioritizes customer experience and employee welfare.
The signing ceremony, held at Standard Chartered’s Uganda headquarters, was presided over by Board Chairperson Maria Kiwanuka and attended by senior executives from both banks, including Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya & Africa, Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, and David Wandera, Managing Director of Absa Bank Uganda.
Ngari described the sale as a key milestone in the bank’s strategic shift. “This marks an important step as we continue to focus on our affluent and cross-border strategy. We remain committed to Uganda and will work closely with Absa to ensure a seamless transition for our clients and staff,” he said.
Absa Group Executive for Africa Regions, Charles Russon, emphasized that the acquisition aligns with Absa’s pan-African growth ambitions. “This transaction strengthens Absa’s position in Uganda and expands our retail and wealth management capabilities, allowing us to deliver more value and convenience to customers,” he said.
Absa Bank Uganda’s Managing Director, David Wandera, called the acquisition “a significant step toward becoming a market leader in innovative and customer-centric financial services,” adding that it reinforces Absa’s long-term commitment to Uganda’s economic development.
Standard Chartered Uganda’s CEO, Sanjay Rughani, reaffirmed the bank’s ongoing presence in the country. “While we focus on our strengths in corporate and investment banking, we are confident that our retail clients and colleagues will thrive under Absa’s stewardship,” he said.
The transaction is pending regulatory approval before full implementation.