Standard Chartered and Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, have agreed on the sale of Standard Chartered Uganda’s Wealth and Retail Banking (WRB) business portfolio in Uganda.
This follows Standard Chartered’s 27 November 2024 announcement of its intention to explore a potential sale, in line with the Bank’s global strategy to concentrate resources where it offers the most distinctive client proposition. Standard Chartered’s Corporate and Investment Banking (CIB) business within Uganda is unaffected.
Under the agreement, all Standard Chartered WRB clients and employees will transfer to Absa. The two banks will work closely in the coming months to ensure a seamless transition for all stakeholders.
The signing ceremony took place today at Standard Chartered’s offices in Uganda, led by the Board Chairperson of Standard Chartered Uganda, Mrs Maria Kiwanuka, and George Opio, Non-Executive Director of Absa Bank Uganda. The event was attended by Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya and Africa, and Sanjay Rughani, CEO and Managing Director, Standard Chartered Uganda, who signed the agreement alongside David Wandera, Managing Director, Absa Bank Uganda.
Kariuki Ngari, Managing Director & CEO, Standard Chartered Kenya & Africa, said: “In November last year, we set out how the Bank is doubling down on our affluent and cross-border strategy. The sale of our Wealth and Retail banking business in Uganda to Absa marks an important milestone as we continue to accelerate income growth and returns. We look forward to working closely with Absa’s team over the coming months to ensure a smooth transition while safeguarding the interests of our valued clients and prioritising our employees.”
Absa Group Executive for Africa Regions, Charles Russon, said: “This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape. It will enable Absa Uganda to broaden its retail and wealth management offerings and deliver increased convenience and value to our customers.”
David Wandera, Managing Director of Absa Bank Uganda, said: “This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions. It represents an opportunity to welcome new customers and colleagues into the Absa family, while reaffirming our long-term commitment to Uganda’s economic development.”
Sanjay Rughani, CEO & Managing Director, Standard Chartered Uganda, added: “This agreement marks a pivotal moment in executing our global strategy – focusing on areas where we are most differentiated and can create the greatest impact. We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions they expect from Standard Chartered. We are confident that our WRB clients and colleagues will be in excellent hands with Absa.”
The transaction is subject to regulatory approvals.