BoU Approves Sale of Standard Chartered Uganda’s Retail and Wealth Banking Business to Absa

Sanjay Rughani (right) and David Wandera after the Bank of Uganda approved the sale of Standard Chartered Uganda’s Wealth and Retail Banking business to Absa Bank Uganda.

KAMPALA — The Bank of Uganda has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business to Absa Bank Uganda, clearing a key regulatory hurdle in a transaction that will reshape the retail banking market.

The approval allows the two banks to proceed with the transfer, subject to the fulfilment of remaining conditions in the transaction agreement.

The deal forms part of Standard Chartered’s broader strategy to focus on its Corporate and Investment Banking operations, while Absa seeks to expand its presence in retail and wealth banking.

Standard Chartered Uganda Chief Executive Officer and Managing Director, Sanjay Rughani, said the approval enables the bank to continue implementing its global business strategy.

“This decision reflects our continued commitment to align our operations with Standard Chartered’s global strategy, focusing on our core strengths in Corporate and Investment Banking,” Rughani said.

He said the bank would continue operating in Uganda, supporting clients through trade finance, capital markets and advisory services.

Absa Bank Uganda Managing Director David Wandera said the lender would use its existing infrastructure and digital platforms to integrate the business.

“The Bank of Uganda’s approval is an important milestone in the transaction process,” Wandera said. “We remain focused on maintaining service continuity for customers while the transition progresses.”

The two banks said customers would not experience any immediate changes and that day-to-day banking operations would continue as normal during the transition period.

Any future changes affecting customers will be communicated in advance and in line with regulatory requirements, they said.

The acquisition is expected to strengthen Absa’s retail and wealth banking portfolio, while reducing Standard Chartered’s exposure to the consumer banking segment in Uganda.

The transaction remains subject to the completion of outstanding conditions agreed between the parties before it can formally take effect.

The development comes amid a broader trend in Africa’s banking sector, where international lenders have increasingly streamlined operations to focus on selected business lines and markets, while regional banks continue to pursue growth through acquisitions and consolidation.

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