Kampala, Uganda — Absa Bank Uganda has officially taken over the wealth and retail banking business of Standard Chartered Bank Uganda, following an agreement between the two lenders.
The development marks a major shift in Uganda’s banking sector as Standard Chartered moves to exit retail operations and focus mainly on corporate and investment banking.
While the value of the deal has not been disclosed, both banks confirmed that the transition includes retail customers, personal loans, and wealth management portfolios that were previously handled by Standard Chartered.
The move is part of a broader plan by Standard Chartered to withdraw its retail banking business from Uganda, Zambia, and Botswana as it restructures to improve efficiency and profitability.
In a statement, Absa Bank Uganda said: “We are proud to announce that today, we signed an agreement with Standard Chartered Bank Uganda to acquire its Wealth and Retail Banking business, subject to conditions that are customary for a transaction of this nature, including, but not limited to, regulatory approvals.
This milestone reflects our long-term growth ambitions and our commitment to delivering even more value, innovation, and convenience to our customers and stakeholders.We look forward to sharing more details once all necessary approvals are in place,” Absa’s statement read further.
In addition, Absa said the acquisition will help to strengthen its position in the Ugandan market and also demonstrate its confidence in the country’s growing financial sector.
