In a transaction set to reshape Uganda’s banking landscape, Absa Bank Uganda signed an agreement in October last year to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda.
The deal signals a major shift in the competitive dynamics of Uganda’s financial sector, while underscoring Absa’s ambition to deepen its presence in one of East Africa’s fastest-growing financial markets.
The acquisition follows Standard Chartered’s broader global strategy to streamline its operations and concentrate on high-growth corporate and investment banking segments.
By divesting its retail and wealth banking unit in Uganda, the multinational lender is sharpening its focus on institutional and corporate clients, while creating an opportunity for Absa to significantly expand its retail and wealth management footprint.
Although the agreement was signed in October, the transaction remains an ongoing process, with both banks working through the regulatory approvals and operational integration required to complete the deal.
Once finalised, Standard Chartered Uganda’s Wealth and Retail Banking customers and employees will transition to Absa Bank Uganda.
Both institutions committed to work closely throughout the transition period to ensure a smooth and orderly handover that safeguards customer interests, protects employees, and maintains regulatory compliance across the financial system.
Beyond the immediate implications for the two banks, the transaction reflects a broader wave of consolidation and strategic repositioning across Uganda’s financial services sector.
As banks invest heavily in digital capabilities, scale their operations, and seek new pathways to deepen financial inclusion, acquisitions of this nature are becoming an increasingly important tool for growth and transformation.
Behind the scenes of this landmark transaction was a team of seasoned financial advisors tasked with evaluating the financial health, risks, and strategic value of the deal.
Deloitte Africa served as the Financial and Credit Due Diligence advisor to Absa Bank Uganda, providing critical insights that helped guide the bank’s investment decision and ensure the transaction was structured on a sound financial foundation.
From analyzing loan portfolios and credit exposures to assessing revenue streams and operational risks, Deloitte’s Transaction Services specialists played a pivotal role in supporting Absa through one of the most consequential banking acquisitions in Uganda’s recent history.
In this feature, CEO East Africa magazine profiles the Deloitte advisory team behind the deal — the financial experts whose due diligence, technical analysis, and transaction advisory work helped shape one of the most significant banking transactions currently unfolding in Uganda’s financial sector.
Clinton Wolder
Clinton Wolder is a mergers and acquisitions transaction services partner with more than 17 years of experience advising companies on complex financial transactions.
Based in South Africa, he has built a career leading high-value deal advisory engagements across multiple sectors.
Wolder specializes in guiding clients through the entire transaction lifecycle, from early-stage deal evaluation to final execution. His work includes both buy-side and sell-side advisory, due diligence, and financial transaction support.
Over the years he has led both local and international transaction teams, working with corporate organizations and private equity investors seeking to acquire, merge, or divest business assets.
Before becoming a partner, Wolder held several senior roles within corporate finance advisory. He served as Senior Manager in Corporate Finance from 2008 to September 2015, where he gained extensive experience in financial modeling, valuation, and transaction structuring.
He later became Associate Director in Corporate Finance from October 2015 to May 2018, further expanding his leadership responsibilities before progressing into partner-level leadership.
Wolder studied at RAU University, now known as the University of Johannesburg.
Felista Mutahi-Kiruthu
Felista Mutahi-Kiruthu is a senior finance professional specializing in mergers and acquisitions, transaction diligence, corporate finance, and deal execution.
Based in Kenya, she has built a career in financial advisory and consulting, focusing on helping organizations evaluate and execute complex business transactions.
Her work centers on guiding companies through critical financial decisions, including business valuations, due diligence processes, and risk assessments.
Over the years, she has developed expertise in transaction advisory and financial reporting, working with corporate clients navigating acquisitions, investments, and restructuring.
Before becoming a senior manager, Mutahi-Kiruthu served in multiple leadership roles in financial advisory. She worked as Manager 1 in Financial Advisory from September 2022 to September 2024 in Nairobi County, Kenya, where she handled mergers and acquisitions projects, corporate finance advisory, and business valuation assignments. Prior to that, she served as Manager 2 in Financial Advisory from January 2021 to August 2022.
Her technical competencies include financial modeling, data analysis, stakeholder management, and risk evaluation.
She is also skilled in financial reporting tools and analytical software such as Microsoft Excel and other business intelligence platforms.
Mutahi-Kiruthu holds a Bachelor of Business Science degree in Financial Economics from Strathmore University.
Her academic background, combined with years of advisory experience, has positioned her as a specialist in transaction execution and financial consulting within the East African corporate landscape.
Nashmitha Pillay
Nashmitha Pillay is an experienced mergers and acquisitions advisory professional currently serving as Associate Director for Transaction Services and Consulting at Deloitte Africa.
Based in Johannesburg, South Africa, her work focuses on helping companies structure complex corporate transactions and investment deals.
Her expertise lies in corporate finance and deal advisory, including mergers, acquisitions, and financial restructuring. As part of Deloitte’s advisory team, she works closely with companies seeking to expand, merge, or restructure their businesses.
Pillay’s career in finance began at PwC, where she trained as an accountant between January 2013 and March 2016 in Sunninghill, Gauteng.
After completing her training, she moved into corporate finance and advisory work, joining Deloitte as a Manager in Corporate Finance in May 2016.
She held that position until September 2019, before being promoted to Senior Manager, a role she served in from September 2019 to December 2022. Her leadership and transaction advisory experience eventually led to her appointment as Associate Director.
Pillay studied at the University of KwaZulu-Natal, where she built her academic foundation in accounting and finance before entering the corporate advisory field.
Norah Mwiti
Norah Mwiti is a financial and transaction advisory consultant working across East Africa. Based in Nairobi, she has more than four years of experience delivering financial analysis, valuation services, and transaction advisory to organizations across multiple sectors.
Mwiti’s work spans industries such as financial services, fast-moving consumer goods, healthcare, logistics, energy, and manufacturing. Through her advisory engagements, she has supported more than 20 high-value business transactions, helping companies evaluate investments and strategic deals.
Her professional focus includes financial modeling, due diligence, stakeholder engagement, and business development. By combining data analysis with strategic advisory insights, Mwiti helps organizations make informed decisions during mergers, acquisitions, and other corporate transactions.
Beyond her consulting work, Mwiti plays an active role in leadership and community development initiatives. She serves as Chairlady of the Deloitte East Africa Women Initiative, known as EastWIN, which promotes gender equity and professional development across eight African countries.
She is also the founder of Friends Community Outreach, a grassroots initiative that supports disadvantaged children and families in Meru County, Kenya.
Mwiti studied at Dedan Kimathi University of Technology, where she built the analytical foundation that later shaped her career in financial advisory and strategic consulting.
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Fiona Njambi Mungai is a business analyst specializing in strategy and transaction advisory, with a particular focus on mergers and acquisitions. Based in Nairobi County, Kenya, she works within Deloitte’s transaction services practice supporting corporate deal-making and investment strategy.
Her role involves analyzing financial data, assessing potential transactions, and supporting strategic decisions during mergers and acquisitions processes. Business analysts like Mungai play a crucial role in evaluating the financial health of companies involved in potential deals.
She began working in transaction services as a Business Analyst in March 2023, a role she held until September 2025. During this period she gained experience across several industries while supporting deal teams and financial advisory projects.
Mungai has since grown into a Senior Business Analyst position where she continues to support corporate strategy and M&A transactions.
Her work sits at the intersection of finance, strategy, and data analysis, helping organizations navigate complex investment decisions.
Kevin Kimotho
Kevin Kimotho is a partner at Deloitte and a leading figure in the firm’s mergers and acquisitions advisory work in East Africa. Based in Nairobi, he serves as the M&A Transaction Services Leader and East Africa Private Equity Leader within Deloitte’s Financial Advisory practice, where he oversees complex deal advisory and investment transactions across the region.
With more than 14 years of experience in financial advisory, Kimotho has built a career advising corporations, investors, and private equity firms on major business transactions. His work spans merger and acquisition advisory, business valuation, financial due diligence, market assessments, feasibility studies, and the development of strategic business plans.
Over the course of his career, Kimotho has been involved in transactions across several key industries including financial services, telecommunications, consumer goods, healthcare, and energy. His advisory work helps companies and investors assess opportunities, structure deals, and navigate the financial and regulatory complexities that accompany large corporate transactions.
Before becoming a partner, Kimotho held several leadership roles within Deloitte’s corporate finance division. Between September 2016 and December 2019 he served as Senior Manager in Corporate Finance, where he led financial advisory engagements across East Africa. Prior to that, he worked as Manager in Corporate Finance from January 2016 to August 2016, focusing on originating, marketing, and executing corporate finance transactions.
Kimotho studied at United States International University in Nairobi and has since become a key figure in Deloitte’s regional advisory leadership, particularly in transactions involving private equity investment and large-scale corporate deals in East Africa.
Faith Munge
Faith Munge is a finance professional specializing in project finance, corporate finance, financial modeling, and financial economics. Based in Nairobi County, Kenya, she works with Deloitte, where she supports clients across multiple sectors by providing financial analysis and advisory services.
Her work focuses on building and reviewing financial models, conducting feasibility studies and project appraisals, performing business valuations, and supporting due diligence processes during investment and corporate transactions. Through these responsibilities, she contributes to helping organizations evaluate the financial viability of projects and make informed investment decisions.
Faith’s expertise includes financial modeling, valuation analysis, mergers and acquisitions support, and financial due diligence. Her role within Deloitte’s advisory ecosystem places her within teams that provide technical financial analysis for major corporate and investment decisions.
Before joining Deloitte, Faith gained experience in both the private and public sectors. She worked as a Junior Accountant at 637 Capital from April to September 2024 in Nairobi County, where she was responsible for financial reporting support, cash flow management, and internal accounting processes.
Earlier in 2024, she completed an internship as a P2P Analyst at Safaricom PLC between February and April. In that role she worked on financial documentation, account reconciliation, and operational financial processes within the telecommunications company.
Her professional journey also includes public sector experience. In 2023 she served as a Finance Analyst intern at the Ministry of Petroleum and Mining under the State Department of Petroleum, where she worked between January and April. During this period she contributed to financial data analysis and project evaluation activities related to the energy sector.
Faith has also been associated with the Deloitte Arriba Excellence Lab, a program designed to develop emerging financial professionals through advanced training in corporate finance, financial analysis, and advisory services.
Her growing experience across accounting, investment analysis, and financial advisory reflects a career developing at the intersection of project finance and corporate financial consulting.
Deshlin Pillay
Deshlin Pillay is a chartered accountant and senior finance professional with extensive experience in accounting, financial management, and mergers and acquisitions advisory.
Based in Johannesburg, South Africa, he serves as a Senior Manager at Deloitte, providing strategic financial guidance to organizations across multiple industries.
His work involves advising companies on financial reporting, management accounting, and transaction support. With a strong background in corporate finance and auditing, Pillay helps businesses navigate financial restructuring, acquisitions, and strategic decision-making processes.
Pillay began his professional career in academia as an assistant lecturer at the University of Cape Town, where he taught accounting courses between January 2017 and January 2018. He later transitioned into corporate finance and audit, joining Deloitte where he steadily rose through the ranks.
Between January 2018 and October 2019 he worked as an Audit Senior in Cape Town, followed by a role as Senior in New York’s metropolitan financial sector from October 2019 to July 2020. His exposure to both African and international financial environments broadened his understanding of global accounting and finance standards.
He later became a Manager at Deloitte in July 2020, a position he held until September 2023 before progressing into senior leadership roles within the firm.
Pillay holds a Bachelor’s degree in Accounting and Finance and a Postgraduate Diploma in Accounting from the University of Cape Town.
Rihan Steenkamp
Rihan Steenkamp is a senior financial services professional specializing in credit risk management and financial advisory within the banking and financial sector.
Based in Johannesburg, South Africa, he currently serves as a Senior Manager in Credit Risk within Deloitte’s Financial Services Advisory practice.
His work focuses on advising financial institutions on risk frameworks, credit analytics, and regulatory compliance. Credit risk management plays a critical role in banking stability, and Steenkamp’s expertise helps institutions evaluate the reliability of lending portfolios and financial models.
Prior to his current role, he worked in Europe as a Credit Model Validation specialist at ING Nederland in Amsterdam between July 2020 and March 2021.
In that position, he was responsible for validating financial risk models used by banks to assess borrower reliability and potential credit exposure.
Steenkamp studied at the University of Pretoria, where he developed a strong background in finance and risk analytics.
His career has been built around understanding how financial systems measure risk and ensuring that financial institutions maintain robust modeling standards and regulatory compliance.
Through his advisory work, he contributes to strengthening financial risk management systems across the financial services industry.
Laban Chege
Laban Chege is an investment and financial advisory professional specializing in mergers and acquisitions, financial modeling, and business valuation. Based in Kenya, he has built his career in financial services, focusing on investment analysis and corporate advisory.
His expertise includes financial modeling, real estate investment analysis, and transaction support. Chege works on valuation projects and advisory assignments that help companies and investors understand the financial implications of major investment decisions.
Before joining Deloitte’s financial advisory practice, Chege worked as a Senior Investment Analyst at Madison Group Kenya from March 2021 to October 2022.
In that role he analyzed investment opportunities and provided financial insights to support strategic investment decisions.
He later transitioned into financial advisory roles, first serving as Consultant 3 in Financial Advisory from October 2022 to August 2024. He was subsequently promoted to Consultant 2 in September 2024, where he continues to work on valuation, modeling, and transaction advisory engagements.
Chege is affiliated with the CFA Institute, reflecting his professional focus on investment management and financial analysis.
