Sanjay Rughani: Standard Chartered’s Next Chapter In Uganda Is About Doing What We Do Best — Driving Trade, Investment and Sustainable Growth.   Standard Chartered Bank, on 24 October 2025, announced that it had entered into an agreement to sell its Wealth and Retail Banking business in Uganda to Absa Bank Uganda—marking not an exit, but a confident evolution of strategy. As CEO, Sanjay Rughani affirms in this thought leadership opinion, the move reflects a deliberate refocus on what the Bank does best: enabling trade, investment, and prosperity through its corporate and investment banking franchise. After more than a century of partnership with Uganda, Sanjay reiterates that Standard Chartered remains deeply committed to driving sustainable growth, financing transformational projects, and empowering communities—anchored in its purpose of driving commerce and prosperity through diversity.

In November last year, Standard Chartered Bank Uganda announced its intention to sell its Wealth and Retail Banking business. This announcement did not signal an exit from Uganda — rather, it marked the beginning of an evolution, a deliberate and confident strategic refocus on what we do best: enabling trade, investment, and prosperity through our corporate and investment banking franchise.

Last week, on October 24th 2025, Standard Chartered Bank Uganda announced that it has entered into an agreement to sell its Wealth and Retail Banking Business Portfolio to Absa Bank Uganda Limited, a wholly owned subsidiary of Absa Group, subject to regulatory approvals. Under the agreement, all Standard Chartered wealth and retail clients, as well as employees in that segment, will transition to Absa. Both institutions will work closely following regulatory approvals to ensure a seamless experience for clients, colleagues, and partners.

A Strategic Shift with Purpose

For over 113 years, Standard Chartered Bank has been deeply woven into Uganda’s financial and economic fabric — financing business, connecting investors, and supporting national development priorities. This next phase sharpens that legacy by streamlining our operations and focusing on areas of greatest strength and impact.

The sale of our retail business aligns with our Group’s global strategy to amplify operations in markets and segments with high growth potential. Across our global network, Standard Chartered is realigning resources to strengthen our corporate and investment banking franchise — an area where we have a proven track record of delivering transformational impact.

This renewed focus comes at a pivotal time for Uganda. The country’s economy continues to expand and diversify under the government’s ambitious Vision 2040 growth agenda, with new investment opportunities emerging in infrastructure, energy, mining, agriculture, and technology. Our corporate and investment banking business is uniquely positioned to play a central role in enabling this transformation.

Our global expertise allows us to structure complex deals, attract international capital, and advise on high-impact projects that drive national development and sustainable growth.

Anchored in Corporate and Investment Banking Expertise

As the retail business transitions to Absa, Standard Chartered Bank Uganda remains a fully licensed operational bank serving a broad range of clients — from large corporates and multinationals to government institutions, development organisations, and financial intermediaries.

Our refocused portfolio will centre on corporate and investment banking, offering:

• Lending, advisory, and structured finance for transformational projects.
• Financial markets and treasury services to support risk management, foreign exchange, and liquidity solutions.
• Sustainable finance and advisory, mobilising capital for climate-resilient and inclusive growth.

Our expertise has supported some of Uganda’s most significant investments — particularly in energy, infrastructure, telecommunications, and manufacturing. Standard Chartered has financed key infrastructure projects such as Hoima Airport, the Kampala Industrial Business Park, and renewable energy initiatives, including solar-powered irrigation systems.

Through our presence in 54 markets, we continue to connect Uganda’s businesses to global opportunities — facilitating trade and investment flows with Asia, the Middle East and beyond.

Committed to Both Profit and Purpose

Beyond financial services, Standard Chartered remains deeply invested in community impact and inclusion. Our purpose — “to drive commerce and prosperity through our unique diversity” — continues to guide everything we do.

Through our global initiative, Futuremakers by Standard Chartered, we have committed USD 1.3 million over the next three years to programs such as Sight Savers and Women in Tech, which equip young people and women entrepreneurs with employability and digital skills.

These initiatives underscore our belief that sustainable growth is not just about financial performance — it’s about empowering people and communities to thrive.

An Optimistic Outlook

While some may view the sale of the wealth and retail business as a change in presence, at Standard Chartered, we see it as a strategic evolution — one that positions us to deliver even greater value to Uganda’s corporate and investment sectors.

Our legacy in Uganda is one of partnership and progress. This next chapter allows us to deepen those partnerships, strengthen our capabilities, and continue driving investments that power the country’s future.

Closing Thought

Standard Chartered’s message to Uganda is clear: We are here to stay, we are here to grow, and we are here to make an even bigger impact — enabling trade, driving investment, and shaping a more prosperous future for the country we have proudly called home for more than a century.