Standard Chartered Bank Uganda and Absa Bank Uganda Limited have received regulatory approval from the Bank of Uganda for the sale of Standard Chartered Uganda’s Wealth and Retail Banking (WRB) business to Absa Bank Uganda.
The approval marks a significant development in Uganda’s banking sector and underscores confidence in the country’s financial system, regulatory framework, and banking institutions.
Commenting on the approval, Standard Chartered Bank Uganda Chief Executive Officer and Managing Director, Sanjay Rughani, said the transaction aligns with the bank’s global strategy of focusing on its core strengths in Corporate and Investment Banking.
“This approval is a testament to the strength and contribution of both institutions to Uganda’s banking industry. The decision reflects our continued commitment to aligning our operations with Standard Chartered’s global strategy, focusing on our core strengths in Corporate and Investment Banking,” Rughani said.
He added that Standard Chartered remains committed to Uganda and will continue supporting economic growth through trade facilitation, capital mobilization, and advisory services across key sectors of the economy.
Absa Bank Uganda Managing Director David Wandera welcomed the approval, describing it as an important milestone for both institutions and Uganda’s banking sector.
“The Bank of Uganda’s approval reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market. We remain committed to maintaining service continuity while delivering stable, responsible, and customer-focused banking solutions that contribute to Uganda’s economic development,” Wandera said.
According to Absa, the acquisition will strengthen its retail and wealth banking operations by leveraging its existing infrastructure, digital platforms, and experienced workforce to enhance customer service and expand its offerings.
Both banks emphasized that there will be no immediate changes for customers. Banking services will continue as usual, and any future changes will be communicated in advance and in accordance with regulatory requirements.
The transaction will become effective once all remaining conditions outlined in the agreement have been fulfilled. The two institutions said they will continue working closely with regulators, customers, and other stakeholders throughout the transition process.
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