Absa Bank Uganda Acquires Standard Chartered’s Wealth and Retail Banking Business
Kampala, Uganda – Absa Bank Uganda has signed an agreement to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda, marking a significant shift in the country’s banking landscape and strengthening Absa’s presence in one of East Africa’s most dynamic financial markets.
The signing ceremony was held at Standard Chartered’s Kampala offices and officiated by Maria Kiwanuka, Chairperson of Standard Chartered Uganda’s Board, and George Opio, Non-Executive Director of Absa Bank Uganda. Senior executives from both institutions attended, including Kariuki Ngari, CEO of Standard Chartered Kenya & Africa; Sanjay Rughani, CEO of Standard Chartered Uganda; and David Wandera, Managing Director of Absa Bank Uganda.
The acquisition follows Standard Chartered’s November 2024 announcement to divest its Wealth and Retail Banking operations in select African markets, including Uganda, Tanzania, and Côte d’Ivoire, as part of its global strategy to focus on high-growth corporate, institutional, and affluent cross-border banking segments.
“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,” said Sanjay Rughani, CEO of Standard Chartered Uganda.
“We remain fully committed to Uganda through our Corporate and Investment Banking division, and we are confident that our retail clients and colleagues will be in excellent hands with Absa.”
The sale does not affect Standard Chartered’s Corporate and Investment Banking operations in Uganda, which will continue serving major corporate, institutional, and public-sector clients.
For Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, the acquisition represents a significant step in its Pan-African growth strategy, expanding its customer base and enhancing its product range in retail and wealth management.
“This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens our position in Uganda’s financial services landscape,” said Charles Russon, Absa Group Executive for Africa Regions.
“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 the bank’s journey to become a market leader in customer-centric financial services.
“This represents an opportunity to welcome new customers and colleagues into the Absa family while reaffirming our long-term commitment to Uganda’s economic development,” Wandera said.
Under the agreement, all of Standard Chartered Uganda’s Wealth and Retail Banking clients and employees will transition to Absa, with both banks working closely to ensure a seamless handover that safeguards customer interests and employee welfare. The transaction remains subject to regulatory approvals from the Bank of Uganda, the Capital Markets Authority, and other relevant authorities.
Despite the sale, Standard Chartered reaffirmed its long-term commitment to Uganda, where it has been operating for over 110 years.
“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,” said Kariuki Ngari, MD & CEO, Standard Chartered Kenya & Africa.
“We look forward to working closely with Absa’s team over the coming months to ensure a smooth transition while safeguarding the interests of our valued clients and prioritizing our employees.”
The acquisition comes amid a period of consolidation and strategic realignment in Uganda’s financial sector, as banks optimize operations, strengthen digital capabilities, and expand financial inclusion. Analysts view it as a win-win scenario: Standard Chartered can focus on its high-value corporate clients, while Absa gains scale and depth in the retail and wealth segment.
