Standard Chartered Uganda Confirms Agreement to Sell Wealth & Retail Business to Absa

Standard Chartered Bank Uganda has formally communicated to clients that it has entered into an agreement with Absa Bank Uganda for the sale of its Wealth & Retail Banking (WRB) business. The deal — which covers personal banking, wealth advisory and related retail products — remains subject to regulatory approval by Ugandan authorities including the Bank of Uganda and the relevant securities/insurance regulators.

The bank says the transaction is part of a deliberate global shift to streamline operations and concentrate capital in divisions where Standard Chartered has the strongest specialised proposition — particularly Corporate & Investment Banking (CIB), Financial Markets, global trade solutions and institutional banking.

Bank emphasises continuity and no disruption

In the client communication signed by Chief Executive Officer & Managing Director Sanjay Rughani, Standard Chartered reassures retail and wealth clients that the upcoming transfer does not interrupt their current banking access.

Rughani states:

“We appreciate your continued business and the confidence you have placed in us. Wealth & Retail Banking continues to operate on a business-as-usual basis until the sale transition is completed. All deposits, investments and monies remain safe with the Bank.”

Standard Chartered’s branches remain open. Relationship Managers continue normal service. Digital platforms — including SC Mobile app and Straight2Bank channels — remain live with no configuration changes needed by customers.

The transition period is expected to take several months — timing depends entirely on regulatory sequencing.

No new paperwork required at this stage

The bank clarified that existing onboarding documents remain valid — clients will not be required to re-onboard during the transition, unless particular cases require consent specific to the final handover.

Only after regulatory sign-off, Absa will communicate if additional documentation is necessary.

Product-by-product implications

Product Area Implication Bank Accounts / Deposits Fully accessible, normal transactions, no change in account numbers or operational channels. SC Mobile / Online Banking Portals remain active and unchanged during the transition. Debit Cards (including lounge access + 360 Rewards) Cards remain valid; privileges unchanged; expiring cards can still be renewed through SC Mobile or at branches. Loans (personal, secured, unsecured) Existing loan terms remain intact; repayment schedules unchanged; salary can continue to be remitted to Standard Chartered; new and top-up loans will still be issued during transition. Wealth Products — Bonds Coupon payments continue as usual; issuers remain the same (government / corporate). SC Shilingi Fund Continues to be managed by Sanlam Investments EA; contract terms unchanged. Offshore Mutual Funds Alliance Bernstein continues to manage; SC will continue to support queries. Endowment Plans & Insurance (Bancassurance) Underwritten by insurance partners — no contract disruption or change in policy ownership. Who handles queries?

Standard Chartered remains the direct point of contact until the final regulatory completion. Clients are advised to use:

• 24-hour helplines: 0313 294 100 / 0200 524 100
• Email: Ug.service@sc.com

Absa will only take direct service responsibility after the final legal handover.

Standard Chartered remains in Uganda — but shifts toward institutional banking

The bank emphasised that this transaction should not be misinterpreted as a market exit.

Post-retail divestiture, Standard Chartered will continue to operate in Uganda — primarily serving:

• multinational corporates
• large domestic corporates
• global trade clients
• treasury clients
• institutional investors

Rughani reaffirmed:

“The sale of the WRB business doesn’t mean that Standard Chartered has exited the market; we remain fully committed to Uganda.”

The bank says it will provide periodic public updates as major regulatory milestones are reached.