Absa Bank Uganda has signed an agreement to acquire the Wealth and Retail Banking (WRB) business portfolio of Standard Chartered Bank Uganda. The deal marks a major milestone in both banks’ strategic realignments and underscores Absa’s ambitions to expand its footprint in Uganda’s retail and wealth management sectors.
The agreement follows Standard Chartered’s announcement on 27 November 2024 of its intention to explore a potential sale as part of its global strategy to concentrate resources where it offers the most distinctive client proposition. Standard Chartered’s Corporate and Investment Banking (CIB) business in Uganda will remain unaffected by the transaction.
Under the terms of the deal, all Standard Chartered WRB clients and employees will transfer to Absa Bank Uganda. Both institutions have committed to working closely in the coming months to ensure a smooth transition for customers and staff.
The signing ceremony took place at Standard Chartered’s offices in Kampala and was attended by senior executives from both banks, including Maria Kiwanuka, Board Chairperson of Standard Chartered Uganda, and George Opio, Non-Executive Director of Absa Bank Uganda. The agreement was signed by Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda; Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya and Africa; and David Wandera, Managing Director of Absa Bank Uganda.
Commenting on the transaction, Kariuki Ngari stated:
“In November last year, we set out how the Bank is doubling down on our 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. We look forward to working closely with Absa’s team to ensure a smooth transition while safeguarding the interests of our valued clients and employees.”
Absa Group Executive for Africa Regions, Charles Russon, said the deal aligns with Absa’s Pan-African growth ambitions:
“This transaction supports Absa’s strategic expansion and further strengthens our position in Uganda’s financial services landscape. It will enable Absa Uganda to broaden its retail and wealth management offerings and deliver increased convenience and value to our customers.”
David Wandera, Managing Director of Absa Bank Uganda, described the acquisition as a “significant milestone” in Absa’s growth journey:
“This represents an opportunity to welcome new customers and colleagues into the Absa family, reaffirming our long-term commitment to Uganda’s economic development.”
Sanjay Rughani, CEO & Managing Director of Standard Chartered Uganda, added:
“This agreement marks a pivotal moment in executing our global strategy—focusing on areas where we are most differentiated and can create the greatest impact. We remain fully committed to Uganda through our Corporate and Investment Banking business.”
The transaction remains subject to regulatory approvals.
