Absa Bank Acquires Standard Chartered’s Retail and Wealth Business in Uganda A landmark transaction reshapes Uganda’s banking industry as Absa deepens its retail presence and Standard Chartered sharpens its corporate focus.

Absa Bank Uganda has entered into an agreement to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda.

The acquisition marks a major shift in Uganda’s banking landscape and deepening Absa’s footprint in one of East Africa’s most dynamic financial markets.

The acquisition, announced in Kampala, follows Standard Chartered’s earlier decision to divest its retail banking operations in select African markets.

The multinational bank noted that it was part of its broader global strategy to streamline operations and focus on high-growth corporate and investment banking segments.

The signing ceremony was held at Standard Chartered’s offices in Kampala, officiated by Maria Kiwanuka, Chairperson of Standard Chartered Bank Uganda’s Board, and George Opio, Non-Executive Director of Absa Bank Uganda.

Present at the event were senior executives from both institutions, including Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa; Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda; and David Wandera, Managing Director of Absa Bank Uganda.

Strategic realignment for Standard Chartered

The transaction follows Standard Chartered’s November 27, 2024 announcement, where the London-headquartered lender revealed plans to explore the sale of its Wealth and Retail Banking portfolios in several African markets, including Uganda, Tanzania, and Côte d’Ivoire.

The move forms part of the bank’s global efficiency strategy — a reallocation of resources toward areas where it offers a “distinctive client proposition,” primarily in corporate, institutional, and affluent cross-border banking.

“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 and Managing Director, 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.”

Rughani emphasized that the sale does not affect the bank’s Corporate and Investment Banking (CIB) 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 signals a significant leap in its Pan-African growth strategy.

It expands Absa’s customer base and enhances its product range in retail and wealth management, areas where the group has been investing heavily across the continent.

“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 Absa’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.

Transition plan

Under the agreement, all of Standard Chartered Uganda’s Wealth and Retail Banking clients and employees will transition to Absa Bank Uganda.

Both banks will collaborate closely over the coming months to ensure a seamless handover that safeguards customer interests and employee welfare.

To ensure transparency, all client transactions and revenue flows will continue under existing regulatory frameworks.

The transaction, however, remains subject to approval by the Bank of Uganda, the Capital Markets Authority, and other relevant authorities.

Despite the sale, Standard Chartered reaffirmed its long-term presence in Uganda, where it has operated for over 110 years.

The bank’s leadership emphasized its focus on deepening partnerships with multinational and institutional clients in corporate and investment banking, trade finance, and sustainable finance.

Kariuki Ngari, Managing Director & CEO, Standard Chartered Kenya & Africa, said the move aligns with the bank’s focus on accelerating income growth and improving returns in its strongest markets.

“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,” Ngari said.

“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 transaction comes at a time of consolidation and realignment in Uganda’s financial services sector, as banks seek to optimize operations, strengthen digital capabilities, and expand financial inclusion.

Some industry players view it move as a win-win scenario: Standard Chartered refocuses on its high-value corporate clientele, while Absa gains scale and depth in the retail and wealth segment.