Standard Chartered Uganda has entered into an agreement with Absa Bank Uganda for the sale of its Wealth and Retail Banking (WRB) business.
The deal is subject to regulatory approval and is in line with Standard Chartered’s global strategy to focus on areas where it offers a distinct client advantage. The move will see Standard Chartered’s WRB clients and employees transition to Absa, while its Corporate and Investment Banking (CIB) operations remain unaffected.
Kariuki Ngari, Managing Director and CEO for Standard Chartered Kenya and Africa, said the sale marks an important milestone for the bank’s strategy.
“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,” he said.
Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, said the acquisition aligns with its ambition to expand its footprint and service offerings in Uganda’s banking sector.
Charles Russon, Absa Group Executive for Africa Regions, noted that the transaction reinforces Absa’s position in Uganda’s financial services market.
“This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape,” he said. “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, said the acquisition presents an opportunity to welcome new customers and employees into the Absa family.
“This is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions. It represents an opportunity to welcome new customers and colleagues, while reaffirming our long-term commitment to Uganda’s economic development,” Wandera said.
On his part, Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, described the sale as a “pivotal moment” in the bank’s journey.
“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,” he said. “We remain fully committed to Uganda and to serving our Corporate and Investment Banking clients.”
Both banks said they will collaborate over the coming months to ensure a smooth transition for clients and employees once regulatory approvals are secured.
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