- Absa Bank Uganda signs agreement to purchase Standard Chartered Uganda’s Wealth & Retail Banking Business;
Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, is pleased to announce that it has signed an agreement for the acquisition of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business portfolio.
The acquisition represents a strategic step in Absa’s journey as a pan-African, customer-centric financial institution. It enables Absa to continue to deepen its presence in key markets, broaden service offerings, and respond more effectively to the evolving needs of clients across the continent.
Under the agreement, all Standard Chartered WRB clients and staff will transfer to Absa. The two banks will work closely together in the coming months to ensure a seamless transition for all stakeholders.
Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya and Africa, said: “In November last year, we set out how the Bank is doubling down on our affluent and cross-border strategy.
The sale of our Wealth and Retail banking business in Uganda to Absa marks an important milestone as we continue to accelerate income growth and returns .
We look forward to working closely with Absa’s team over the coming months to ensure a smooth transition while safeguarding the interests of our valued clients and prioritising our employees.”
Absa Group Executive for Africa Regions Charles Russon said: “This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape.
It will enable Absa Uganda to broaden its retail and wealth management offerings and deliver increased convenience and value to our customers.”
David Wandera, Managing Director of Absa Bank Uganda, said: “This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions.
It represents an opportunity to welcome new customers and colleagues into the Absa family, while reaffirming our long-term commitment to Uganda’s economic development.”
Sanjay Rughani, Managing Director of Standard Chartered Bank Uganda, noted: “This agreement marks an important step in the execution of our global strategy to focus on the segments where we are most differentiated.
We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service they expect from Standard Chartered.
We are confident that our WRB clients and colleagues will be in excellent hands with Absa.”
The transaction is subject to specific conditions being fulfilled, including regulatory approvals, as is customary for a transaction of this nature, and further updates will be provided once all relevant approvals have been secured.
