The Bank of Uganda has approved the acquisition of the Wealth and Retail Banking (WRB) business of Standard Chartered Uganda by Absa Bank Uganda Limited, marking a significant development in the country’s financial services sector.
The approval clears a key regulatory hurdle in a transaction that is expected to reshape Uganda’s retail banking landscape, while reinforcing confidence in the country’s banking stability and supervisory framework.
According to Absa Bank Uganda, the acquisition underscores its long-term commitment to the Ugandan market and its strategy to expand retail and wealth banking services.
“The Bank of Uganda’s approval reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market. Building on our experience from the Barclays-to-Absa transition, we are well positioned to manage this process with a strong focus on customer continuity and operational stability,” said David Wandera, Managing Director of Absa Bank Uganda.
He added that customers should expect no immediate disruption, noting that all banking services will continue to operate through existing channels during the transition period.
The transaction will see Absa absorb Standard Chartered Uganda’s retail and wealth banking portfolio, strengthening its digital capabilities, infrastructure, and customer service offering.
Standard Chartered Uganda’s leadership said the move aligns with the group’s global strategy to focus on Corporate and Investment Banking, while ensuring continuity for retail clients in Uganda.
“This decision reflects our commitment to our global strategy and our confidence that Absa is well positioned to take this business forward, ensuring continuity and improved client experience,” said Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda.
The transition will be implemented in phases, subject to completion of operational integration processes and further regulatory coordination. Both institutions have assured customers of uninterrupted services throughout the handover period.
