Absa Bank Uganda has secured approval from the Bank of Uganda to take over the wealth and retail banking business of Standard Chartered Uganda.
Standard Chartered agreed in October 2025 to sell its wealth and retail banking operations in Uganda to South Africa’s Absa Group for an undisclosed amount.
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According to a Reuters report, the disposal forms part of Standard Chartered’s broader plan to leave the wealth and retail banking segments in Botswana, Uganda and Zambia.
Standard Chartered Uganda CEO and managing director Sanjay Rughani said: “This approval is timely and a testament to the strength and vital contribution of both banking institutions to the banking industry.
“This decision reflects our continued commitment to align our operations with the Standard Chartered Group’s global strategy, focusing on our core strengths in Corporate & Investment Banking. We are proud of the strong retail franchise we have built over the years in Uganda and are confident that Absa Bank is well positioned to take this business forward ensuring continuity, innovation and enhanced client experiences.”
Absa Bank Uganda said customers would see no immediate changes, with normal banking services continuing through existing channels.
It added that any adjustments linked to the transfer would be communicated in advance and in line with regulatory rules.
The deal is due to take effect after completion of the transition process for the transfer of Standard Chartered Uganda’s WRB business.
Absa Bank said it will keep engaging with regulators, customers and other stakeholders as the process moves forward.
Absa Bank Uganda managing director David Wandera commented: “The Bank of Uganda’s approval is an important milestone that reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market. Drawing on our experience from the Barclays to Absa transition in 2019, Absa brings proven capability in managing complex banking transitions under regulatory oversight, with a strong focus on customer continuity and operational stability.”
