Standard Chartered Uganda signs agreement to sell Wealth & Retail Banking Business to Absa Bank Uganda
Stanchart | Absa
KAMPALA, Uganda | 24 October 2025 – Standard Chartered and Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, have entered into an agreement for the sale of Standard Chartered Uganda’s Wealth and Retail Banking (WRB) business portfolio in Uganda.
This follows Standard Chartered’s 27 November 2024 announcement of its intention to explore a potential sale, in line with the Bank’s global strategy to concentrate resources where it offers the most distinctive client proposition. Standard Chartered’s Corporate and Investment Banking (CIB) business within Uganda is unaffected.
Under the agreement, all Standard Chartered WRB clients and employees will transfer to Absa. The two banks will work closely in the coming months to ensure a seamless transition for all stakeholders.
The signing ceremony took place today at Standard Chartered’s offices in Uganda, led by Board Chairperson of Standard Chartered Uganda, Mrs. Maria Kiwanuka, and George Opio, Non-Executive Director of Absa Bank Uganda. The event was attended by Kariuki Ngari, Managing Director and CEO, Standard Chartered Kenya and Africa, Sanjay Rughani, CEO and Managing Director, Standard Chartered Uganda, who signed the agreement alongside David Wandera, Managing Director Absa Bank Uganda.
Kariuki Ngari, Managing Director & CEO, Standard Chartered Kenya & 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, CEO & Managing Director, Standard Chartered Uganda, added: “This agreement marks a pivotal moment in executing our global strategy - focusing on areas where we are most differentiated and can create the greatest impact. We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions 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 regulatory approvals.
Standard Chartered
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Joyce Kibe
Head, Corporate Affairs, Brand & Marketing
Kenya & Africa
Standard Chartered Bank
Joyce.Kibe@sc.com
Margaret Kigozi
Head of Corporate Affairs, Brand & Marketing
Uganda
Margaret.Kigozi@sc.com
+256 761315423
About Absa Group Limited
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups.
Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.
Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Kenya and South Africa. Absa also has offices in the People’s Republic of China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.
For further information about Absa Group Limited, visit www.absa.africa.
About Absa Bank Uganda Limited
Absa Bank Uganda Limited is part of Absa Group Limited, one of Africa’s largest diversified financial services groups listed on the Johannesburg Stock Exchange.
With 39 branches, 85 ATMs and with 25 Cash Deposit Machines (CDMs) countrywide, Absa Uganda is committed to finding local solutions to uniquely local challenges, and everything we do is focused on bringing people’s possibilities to life. To this end, we offer our clients a range of retail, business, corporate and investment solutions. The Bank is committed to being a force for good, which to us means working to improve lives and strengthen communities in which we operate.
Absa Bank Uganda Limited is regulated by the Bank of Uganda.
Customer Deposits are protected by the Deposit Protection Fund up to UGX 10 million, terms and conditions apply.
For further information about Absa Bank Uganda Limited, please visit www.absa.co.ug .
Daniel Munslow
Managing Executive: Group Communications
Absa Group Limited
PRmedia@absa.africa
Helen Basuuta Nangonzi
Head, Marketing & Corporate Affairs Absa Bank Uganda
Helen.BasuutaNangonzi@absa.africa
+256 772 625487
