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Absa Bank Uganda has entered into an agreement to acquire the Wealth and Retail Banking (WRB) division of Standard Chartered Bank Uganda, marking a major expansion of its presence in the country’s financial market.
Under the deal, all Standard Chartered WRB customers and employees will transition to Absa once the necessary regulatory approvals are obtained, with both institutions pledging a seamless handover process.
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Charles Russon, Absa Group Executive for Africa Regions, said the acquisition bolsters Absa’s market position and aligns with its pan-African growth strategy, allowing it to broaden its retail and wealth management offerings.
Meanwhile, Standard Chartered Uganda Managing Director Sanjay Rughani noted that the divestment supports the bank’s global strategy to focus on corporate and investment banking, while ensuring its retail clients continue to receive quality service under Absa.
The transaction will be finalized once all regulatory clearances have been secured.
