Absa Bank Uganda has signed an agreement to acquire Standard Chartered Bank Uganda’s Wealth and Retail Banking business, signaling a major transformation in Uganda’s banking landscape.
The acquisition, which is subject to regulatory approval, will see Absa take over Standard Chartered’s WRB clients and staff, deepening its presence in Uganda’s fast-evolving financial services landscape. The deal reflects Absa Group’s broader Pan-African growth ambitions, strengthening its position as one of the continent’s most customer-focused and innovative banks.
Announcing the transaction, Absa Bank Uganda described the deal as a “strategic step” in its mission to expand its footprint across Africa and enhance service delivery. The bank said the acquisition will enable it to broaden its retail and wealth management offerings, improve convenience for clients, and deliver greater value across key markets.
“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 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 the acquisition represents “a significant milestone” in Absa’s 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,” Wandera said.
For Standard Chartered Bank Uganda, the sale is part of a broader global strategy to refocus on segments where it holds a competitive edge, primarily affluent clients and cross-border business lines.
Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa, explained that the move aligns with the bank’s ongoing efforts to accelerate income growth and maximize shareholder returns.
“In November last year, we set out how the bank is doubling down on our affluent and cross-border strategy,” Ngari said. “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.”
Under the agreement, all Standard Chartered WRB clients and staff will transfer to Absa Bank Uganda. Both banks said they are committed to ensuring a seamless transition for customers and employees during the integration period.
Sanjay Rughani, Managing Director of Standard Chartered Bank Uganda, said the agreement marks “an important step” in executing the bank’s global focus strategy while ensuring clients continue receiving the high-quality service they have come to expect.
“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,” Rughani noted. “We are confident that our WRB clients and colleagues will be in excellent hands with Absa.”
The transaction is still subject to specific conditions, including regulatory approvals from authorities such as the Bank of Uganda. Both parties have indicated that further updates will be shared once all approvals are secured.
Absa Group, headquartered in Johannesburg, has been expanding its operations across Africa since rebranding from Barclays in 2018. The acquisition aligns with its broader ambition to establish itself as a leading Pan-African financial powerhouse with a strong focus on innovation, customer service, and inclusive growth.
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