Uganda Electricity Distribution Company Limited (UEDCL) has secured a five-year financing facility worth USD 50 million (about UGX 190 billion) from Absa Bank Uganda to fund urgent upgrades to the national electricity distribution network, even as the company’s board undertakes a comprehensive investigation into the performance and conduct of senior management. The facility, signed on December 15 at the UEDCL Tower in Nakasero, is earmarked for network reinforcements, construction of new electricity substations, rollout of smart-grid initiatives, reduction of technical losses and integration of renewable energy generation. According to UEDCL, the investments are expected to improve electricity reliability, unlock suppressed…
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Less than a year after Standard Chartered announced its plan to exit its Wealth and Retail Business (WRB) segment, the long-anticipated transfer to Absa Uganda has entered a decisive phase. On 24 October, Absa confirmed that it would acquire Standard Chartered’s entire WRB portfolio, including clients, staff, deposits, and assets. It is one of the most significant realignments in Uganda’s banking sector in recent years. The deal has now moved to the COMESA Competition Commission (CCC), which on 18 November issued a formal Notice of Inquiry. The inquiry will evaluate whether the transaction could reduce competition in the COMESA region…
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To unpack what this means for institutional investors, the economy, and Uganda’s place in regional and global markets, Muhereza Kyamutetera, Executive Editor of CEO East Africa Magazine, sat down with…
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…
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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…
Absa Group CEO Kenny Fihla visited Uganda this week as part of his first strategic East Africa roadshow since taking up the role of Group CEO last month, aimed at…
Absa Bank Uganda has announced the appointment of David Wandera as its new Managing Director, effective 5 May, 2025, following regulatory approval from the Bank of Uganda. He succeeds Mumba Kalifungwa who joined Stanbic Bank, and therefore, becomes the first Ugandan to hold the position in the bank’s more than 90-year history in Uganda. David is an accomplished banker with over 20 years of diverse experience in business leadership, financial management, strategy and stakeholder engagement. Prior to this appointment, he served as Executive Director charged with the responsibility of delivering operational efficiencies within Absa Bank Uganda. He played a critical…
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While presenting Absa Bank Uganda’s 2024 performance, David Wandera, the Interim Managing Director, repeatedly emphasised that everything his bank does is driven by one purpose—”empowering Africa’s tomorrow together, one story…
Absa Bank Uganda has announced robust financial performance for the year ended December 31, 2024, registering a 22% increase in net profit to UGX 178 billion, up from UGX 145.76…
Absa Bank Uganda has today announced that David Wandera has been appointed Interim Managing Director. David brings over 20 years of experience in the banking sector, with a strong track record in leadership, strategic initiatives, and financial management. He has a deep understanding of treasury and markets management, accounting, and financial risk management, making him exceptionally well-equipped to lead the bank during this transition period. He has most recently held the positions of Executive Director and Head of Markets, in which roles he has consistently delivered excellent results and built valuable relationships with key stakeholders. David is a Chartered Accountant…
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