Absa Bank Uganda has received approval of the Bank of Uganda (BoU) to acquire Standard Chartered Bank Uganda’s wealth and retail banking business.
The clearance follows StanChart’s announcement in 2024 that it was exploring the divestment of its wealth and retail banking business in Botswana, Uganda and Zambia to concentrate on more profitable segments, such as corporate and institutional banking. In October 2025, the two lenders signed an agreement to facilitate the transaction.
The deal will see Absa acquire StanChart’s retail and banking portfolio, wealth and affluent client relationships, retail products and customer balances linked to those businesses. The initiative strengthens Absa’s position in Uganda’s banking sector and provides an opportunity to expand its retail and wealth management franchise.
Absa Bank Uganda noted that normal banking services will continue through existing channels, with no immediate changes to day-today operations, customer services or banking systems.
“The Bank of Uganda’s approval is an important milestone that reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market. Drawing on our experience from the Barclays to Absa transition in 2019, Absa brings proven capability in managing complex banking transitions under regulatory oversight, with a strong focus on customer continuity and operational stability,” said David Wandera, Absa Bank Uganda Managing Director.
Absa Bank Acquisition Supports StanChart’s Strategic Refocus
The transaction aligns with the StanChart’s strategy to scale down its African operations by exiting selected consumer banking markets and focusing on more profitable business lines.
The decision reflects our continued commitment to align our operations with Standard Chartered Group’s global strategy, focusing on our core strengths in Corporate and Investment Banking,” said Sanjay Rughani, Standard Chartered Uganda Managing Director and CEO.
