The Bank of Uganda has approved the acquisition of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business by Absa Bank Uganda, paving the way for one of the most significant banking sector transactions in recent years.
The approval marks a major milestone for both financial institutions and signals continued confidence in Uganda’s banking industry, which remains one of the most stable and regulated sectors of the economy.
Under the transaction, Absa Bank Uganda will take over Standard Chartered Uganda’s retail and wealth banking operations once the transition process is completed and all regulatory requirements are fulfilled.
Absa Bank Uganda Managing Director David Wandera welcomed the approval, describing it as a vote of confidence in both Uganda’s financial system and Absa’s long-term strategy in the country.
“The Bank of Uganda’s approval is an important milestone that reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market,” Wandera said.
He noted that Absa has extensive experience managing major banking transitions, citing the successful migration from Barclays Bank Uganda to Absa in 2019.
According to Wandera, the bank will prioritize customer continuity, operational stability, and service excellence throughout the transition period.
“We remain committed to maintaining service continuity while delivering stable, responsible, and customer-focused banking solutions that contribute to Uganda’s economic development,” he added.
Both banks emphasized that customers will continue accessing services normally, with no immediate changes to accounts, products, or banking channels.
Absa said the acquisition will strengthen its position in the retail and wealth banking segment by leveraging its existing branch network, digital banking infrastructure, and experienced workforce to offer enhanced financial solutions.
For Standard Chartered Uganda, the move aligns with the bank’s global strategy of focusing on its core strengths in Corporate and Investment Banking.
Standard Chartered Uganda Chief Executive Officer Sanjay Rughani said the transaction reflects a strategic shift rather than a withdrawal from Uganda’s banking sector.
“This approval is timely and a testament to the strength and vital contribution of both banking institutions to the banking industry,” Rughani said.
He added that Standard Chartered is proud of the retail banking franchise it has built over the years and is confident that Absa is well positioned to take the business forward.
“We are confident that Absa Bank will ensure continuity, innovation, and enhanced client experiences for customers moving forward,” he said.
The acquisition comes at a time when Uganda’s banking sector is experiencing rapid digital transformation, increased financial inclusion efforts, and growing demand for customer-focused banking services.
Absa Bank Uganda currently operates an extensive network across the country, including dozens of branches, ATMs, and cash deposit machines, while continuing to invest heavily in digital banking platforms and technology-driven solutions.
Financial analysts say the acquisition could further strengthen Absa’s competitiveness in Uganda’s retail banking market while giving customers access to a broader range of products and services.
The two institutions have committed to maintaining close engagement with regulators, customers, employees, and other stakeholders to ensure a smooth and seamless transition.
Once completed, the deal is expected to reshape the retail banking landscape and further consolidate Absa’s presence in Uganda’s financial services sector while allowing Standard Chartered to sharpen its focus on corporate and investment banking operations.
The Bank of Uganda’s approval represents another step in the evolution of Uganda’s banking industry as financial institutions continue to adapt to changing market demands and strategic priorities.
