Absa Group subsidiary, Absa Bank Uganda, has signed an agreement to acquire Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business.
The deal follows StanChart’s announcement last year that it was exploring the divestment of its wealth and retail banking operations in Botswana, Uganda, and Zambia to concentrate on more profitable segments, such as corporate and institutional banking.
Speaking during the signing of the agreement, Kariuki Ngari, Chief Executive Officer, Standard Chartered Kenya and Africa, said the sale of the bank’s wealth and retail banking business in Uganda marked an important milestone as StanChart continues to accelerate income growth and improve returns. Mr. Ngari added that StanChart will work closely with Absa Bank Uganda to ensure a smooth transition. All StanChart’s WRB clients and staff are set to transfer to Absa.
Charles Russon, Absa Group Executive for Africa Regions, hailed the acquisition as a move that supports Absa’s Pan-African growth ambitions and strengthens Absa’s position in Uganda’s financial services sector.
Sanjay Rughani, Managing Director of Standard Chartered Bank Uganda, affirmed that the bank will retain its corporate and investment banking segments in Uganda and assured clients of continued high-quality services.
“We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service they expect from Standard Chartered. We are confident that our WRB clients and colleagues will be in excellent hands with Absa,” said Mr. Sanjay Rughani.
Absa Bank Uganda Deepens Regional Integration
The acquisition supports Absa’s operations as a Pan-African, customer-focused financial institution. The move expands Absa’s presence in key markets, broadens its service offerings and allows it to tailor services to meet customers’ dynamic needs. Currently, Absa Bank is one of the top five banks in Uganda, with a broad footprint of over 40 branches and 90 ATMs.
Absa, South Africa’s third-largest bank by assets, has been targeting retail growth in South Africa and across the continent. The lender’s key areas of focus include enhancing mobile and digital platforms and adopting AI. The transaction is subject to regulatory approval from the relevant authorities.
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