Nairobi — Absa Bank Uganda has signed an agreement to acquire Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business portfolio, expanding its footprint in the country’s financial sector.
The deal will see all Standard Chartered WRB clients and staff move to Absa, with both banks working together to ensure a smooth transition once regulatory approvals are granted.
Absa Group Executive for Africa Regions Charles Russon said the acquisition strengthens Absa’s position in Uganda and supports its wider pan-African growth strategy, enabling it to offer more retail and wealth management services.
Standard Chartered Uganda Managing Director Sanjay Rughani said the move aligns with the bank’s global strategy to concentrate on its corporate and investment banking operations, while ensuring its exiting retail clients are well served under Absa.
The transaction awaits regulatory approvals before completion.
