Standard Chartered Bank to exit Uganda market

KAMPALA, Uganda — Standard Chartered Bank has announced plans to exit the Ugandan market by divesting its Wealth and Retail Banking operations in the country.

The decision is part of the bank’s global strategy to refocus on its affluent client base and redirect resources towards areas where it can offer the most distinctive services.

Standard Chartered’s Group Chief Executive, Bill Winters, said the bank has been assessing its global business model and is taking actions to allocate resources more efficiently.

The bank plans to continue serving the cross-border needs of global corporate and financial institution clients in Uganda, despite its exit from the retail market.

The move is seen as a strategic shift by Standard Chartered to optimize its portfolio and enhance its wealth management business.

The bank has not disclosed the potential buyers or the terms of the sale. The financial impact of the divestiture is reported to be immaterial to the Group’s overall finances.