Absa Bank Uganda has entered into a definitive agreement to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda.
In a market update issued Friday, Absa Group confirmed that the acquisition aligns with its broader ambition to deepen its footprint across the continent and enhance its retail and wealth management offerings.
Seamless Transition for Clients and Staff
Under the terms of the deal, all WRB clients and staff from Standard Chartered Uganda will transition to Absa Bank Uganda. The acquisition is expected to deliver greater convenience, broader service offerings, and improved value to customers.
“This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens our position in Uganda’s financial services landscape,” said Charles Russon, Absa Group Executive for Africa Regions.
“It’s a significant milestone in our journey to become a market leader in customer-centric financial solutions,” added David Wandera, Managing Director of Absa Bank Uganda.
Strategic Realignment by Standard Chartered
The sale is part of Standard Chartered’s global strategy to streamline operations and focus on high-impact segments. The bank is exiting its WRB businesses in Botswana, Uganda, and Zambia, following similar divestments in Tanzania, Angola, Cameroon, The Gambia, and Sierra Leone.
“The sale to Absa marks an important milestone as we continue to accelerate income growth and returns,” said Kariuki Ngari, CEO of Standard Chartered Kenya and Africa.
“We remain fully committed to Uganda and will continue serving our Corporate and Investment Banking clients with excellence,” added Sanjay Rughani, Managing Director of Standard Chartered Uganda.
Regulatory Approvals Pending
The transaction is subject to customary conditions, including regulatory approvals. Both banks have committed to a smooth transition that safeguards client interests and prioritises employee welfare.
Absa’s Pan-African Growth Strategy
Absa Group has been expanding its retail banking division under CEO Kenny Fihla, following its separation from Barclays in 2020. The acquisition in Uganda reinforces Absa’s commitment to regional growth and financial inclusion.
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