Big Leap: How Absa’s UGX 1.3 Trillion New Assets and Deposits Acquisition Through Stanchart’s Wealth and Retail Business Will Rewrite its Growth Story Less than a year after Standard Chartered announced plans to exit its Wealth and Retail Banking arm, Absa has sealed the deal, absorbing UGX 926 billion in deposits and UGX 372 billion in assets. The transaction injects over UGX 1.3 trillion into Absa’s balance sheet, redefining its retail strength and consolidating market positioning.

Less than a year after Standard Chartered Bank announced plans to exit its Wealth and Retail Business (WRB) segment as part of a global restructuring strategy, the long-anticipated transaction has now materialized. Absa, just like many had projected, has stepped in as the acquirer, with the deal formally announced on 24 October, expected to transfer all Standard Chartered’s WRB clients, assets, and employees to Absa. It is one of the most significant realignments in Uganda’s banking sector in recent years, following Standard Chartered’s November 2024 declaration of intent to divest from retail operations to focus on its Corporate and Investment…