Absa Bank Uganda to acquire Standard Chartered’s wealth and retail banking business

Standard Chartered Bank Uganda has signed an agreement to sell its Wealth and Retail Banking (WRB) portfolio to Absa Bank Uganda, a wholly owned subsidiary of Absa Group.

The transaction, announced at a signing ceremony held at Standard Chartered’s Kampala offices, marks a significant step in Standard Chartered’s global strategy to streamline operations and concentrate on areas of greatest strategic strength—particularly in Corporate and Investment Banking (CIB), which remains unaffected by the sale.

Under the agreement, all WRB clients and employees of Standard Chartered Uganda will transition to Absa Bank Uganda. Both institutions have committed to a seamless and client-centered handover in the coming months, ensuring uninterrupted service and stability throughout the transition.

The ceremony was presided over by Maria Kiwanuka, Board Chairperson of Standard Chartered Uganda, and George Opio, Non-Executive Director of Absa Bank Uganda, with senior executives from both banks in attendance, including Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa, Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, and David Wandera, Managing Director of Absa Bank Uganda.

“This transaction is an important milestone in our strategy to sharpen focus on our affluent and cross-border businesses,” said Kariuki Ngari. “We remain deeply committed to Uganda through our Corporate and Investment Banking business, and we will continue to deliver value and innovation to our clients. We are confident that our WRB clients and colleagues will thrive under Absa’s stewardship.”

Charles Russon, Absa Group Executive for Africa Regions, highlighted that the acquisition aligns with Absa’s Pan-African growth ambitions. “This move strengthens Absa’s position in Uganda’s financial services landscape and expands our retail and wealth management offerings, delivering greater convenience and value to customers,” he said.

David Wandera, Managing Director of Absa Bank Uganda, described the acquisition as a “defining milestone” in Absa’s mission to lead with innovation and customer focus. “We are excited to welcome new clients and employees into the Absa family as we continue to drive Uganda’s financial growth and inclusion,” he noted.

Echoing this sentiment, Sanjay Rughani of Standard Chartered Uganda said the agreement underscores the bank’s commitment to refining its global strategy. “This decision allows us to focus on the areas where we can make the greatest impact. Our clients and staff moving to Absa will be in excellent hands.”

The transaction remains subject to regulatory approvals from relevant authorities. Once completed, it will reshape Uganda’s retail banking landscape—positioning Absa for greater market presence while enabling Standard Chartered to consolidate its regional growth strategy.