Absa Bank Uganda Limited has received regulatory approval from the Bank of Uganda for Absa Bank Uganda Limited to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Uganda.
The approval marks an important milestone for Uganda’s banking sector and reflects continued confidence in the strength, stability, and regulatory oversight of the country’s financial system. It also reinforces Absa’s position as a well-capitalised financial institution with a strong governance framework and a long-term commitment to the Ugandan market.
“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. Drawing on our experience from the Barclays to Absa transition in 2019, Absa brings proven capability in managing complex banking transitions under regulatory oversight, with a strong focus on customer continuity and operational stability. We remain committed to maintaining service continuity while delivering stable, responsible, and customer-focused banking solutions that contribute to Uganda’s economic development,” said David Wandera, Managing Director of Absa Bank Uganda.
There is no immediate change for all clients, and day-to-day banking operations will continue as usual. Customers will continue to access banking services through the same channels, and any future changes will be communicated clearly and in advance, in line with regulatory requirements.
The transaction will enable Absa Bank Uganda to further strengthen its retail and wealth banking capabilities by leveraging its existing infrastructure, digital platforms, and experienced teams to continue delivering high-quality, reliable, and customer-focused banking services.
Sanjay Rughani, CEO & Managing Director, Standard Chartered Uganda, added: “This approval is timely and a testament to the strength and vital contribution of both banking institutions to the banking industry. This decision reflects our continued commitment to align our operations with the Standard Chartered Group’s global strategy, focusing on our core strengths in Corporate & Investment Banking. We are proud of the strong retail franchise we have built over the years in Uganda and are confident that Absa Bank is well positioned to take this business forward ensuring continuity, innovation and enhanced client experiences.”
Absa Bank Uganda has operated in Uganda for decades and remains committed to supporting national development priorities, including financial inclusion, investment, and the growth of a resilient and competitive financial sector. The Bank continues to invest in its people, systems, and digital capabilities to meet the evolving needs of customers.
The transaction is expected to become effective once the transition approach to ensure a seamless transfer of the Standard Chartered Uganda WRB business is completed. Absa Bank Uganda will continue to engage transparently with regulators, customers, and other stakeholders as the process progresses.
