Standard Chartered Bank Uganda and Absa Bank Uganda Limited have received regulatory approval from the Bank of Uganda for Standard Chartered Bank Uganda Limited to sale its Wealth and Retail Banking (WRB) business to Absa Bank Uganda Limited.
The approval marks an important milestone for Uganda’s banking sector and reflects continued confidence in the strength, stability, and regulatory oversight of the country’s financial system. It also reinforces Absa’s position as a well-capitalised financial institution with a strong governance framework and a long-term commitment to the Ugandan market.
Sanjay Rughani, CEO & Managing Director, Standard Chartered Uganda, added: “This approval is a testament to the strength and vital contribution of both banking institutions to the banking industry. This decision reflects our continued commitment to align our operations with the Standard Chartered’s global strategy, focusing on our core strengths in Corporate & Investment Banking. We are proud of the strong retail franchise we have built over the years in Uganda and are confident that Absa Bank is well positioned to take this business forward ensuring continuity, innovation and reliable client experiences.”
Standard Chartered Uganda remains deeply committed to Uganda and will continue to play a leading role in supporting the Country’s economic growth by facilitating trade, unlocking capital and advising clients across key sectors of the economy.
“The Bank of Uganda’s approval is an important milestone that reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market. 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 a strong focus on customer continuity and operational stability. We remain committed to maintaining service continuity while delivering stable, responsible, and customer-focused banking solutions that contribute to Uganda’s economic development,” said David Wandera, Managing Director of Absa Bank Uganda.
The transaction will enable Absa Uganda to further strengthen its retail and wealth banking capabilities by leveraging its existing infrastructure, digital platforms, and experienced teams to continue delivering high-quality, reliable, and customer-focused banking services.
There is no immediate change for customers, and day-to-day banking operations will continue as usual. Clients will continue to access banking services through the same channels, and any future changes will be communicated clearly and in advance, in line with regulatory requirements.
The transaction is expected to become effective once the remaining conditions set out in the transaction agreement have been fulfilled. Standard Chartered Uganda and Absa Bank Uganda will continue to engage with regulators, customers, and other stakeholders as the process progresses.
