Standard Chartered Bank Uganda has signed an agreement to sell its Wealth and Retail Banking (WRB) business portfolio to Absa Bank Uganda. The move is part of Standard Chartered’s global strategy to exit non-core markets and focus purely on its wholesale business in Africa.
The agreement, which is subject to regulatory approval, marks another step in Standard Chartered’s targeted divestiture strategy across Africa. This follows a similar transaction earlier this year where the bank completed the hand-over of its Wealth and Retail business in Tanzania to Access Bank PLC in June 2025.
The Uganda deal will see all Standard Chartered’s WRB clients and employees transfer to Absa.
Standard Chartered initially announced its intention to explore a potential sale of the retail unit in November 2024. The bank confirmed that its Corporate and Investment Banking (CIB) business in Uganda remains unaffected and will continue to operate as its core focus area.
Kariuki Ngari, Managing Director & CEO, Standard Chartered Kenya & Africa, framed the sale as an acceleration of the bank’s affluent and cross-border strategy.
“The sale of our Wealth and Retail banking business in Uganda to Absa marks an important milestone as we continue to accelerate income growth and returns,” Ngari stated.
Sanjay Rughani, CEO & Managing Director of Standard Chartered Uganda, affirmed this focus: “We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions they expect from Standard Chartered.”
For Absa, the acquisition is an expansion of its retail and wealth management capabilities in East Africa. Charles Russon, Absa Group Executive for Africa Regions, said the transaction “supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape.”
David Wandera, Managing Director of Absa Bank Uganda, emphasized the benefit for the local bank, stating the acquisition is a “significant milestone in our journey to become a market leader” and an opportunity to welcome new customers and colleagues into the Absa family.
The two banks have committed to working together over the coming months to ensure a seamless transition for all customers and staff.