Standard Chartered Bank Uganda has signed an agreement to sell its Wealth and Retail Banking (WRB) business to Absa Bank Uganda, a wholly owned subsidiary of Absa Group. This move follows Standard Chartered’s November 2024 announcement of its plan to divest certain retail operations as part of a global strategy to focus on areas where it has a stronger competitive advantage.
Under the deal, all WRB clients and employees of Standard Chartered Uganda will transfer to Absa, while the Bank’s Corporate and Investment Banking (CIB) division will remain unaffected. The two institutions will work together to ensure a smooth transition for customers and staff, with the transaction subject to regulatory approval.
At the signing ceremony, leaders from both banks including Kariuki Ngari, Sanjay Rughani, and David Wandera, emphasized that the agreement represents a key milestone for both organizations.
Both banks reaffirmed their long-term commitment to Uganda’s financial sector and to delivering continued value to their clients.
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