Standard Chartered to sell its wealth, retail business in Uganda
Standard Chartered bank has announced it has put up for sale, its wealth and retail business in Uganda.
The bank CEO, Sanjay Rughani told journalists on Wednesday the process will take between 18 and 24 months.
Keep Reading
“We have taken a decision to sell our businesses and it means we will come out of retail and wealth business and find a suitable partner who will take over the business,” Rughani said.
“This is subject to regulatory approval and to this we have informed the regulator and we will have engagements with them
He however assured customers that the process will be handled well, allaying any fears.
“Our key issue is now taking care of customers and employees of Standard Chartered Bank Uganda.”
He explained that the group feels they should get a local partner to run the business effectively.
“This doesn’t mean tomorrow the business will be closed but it will take a long process. The good news is that the corporate and institutional banking business which is our bigger business will get much more support to grow. The group strategy is to expand this business as much relevant to become cross border business model.”
A recent impact report by Steward Redqueen, the findings revealed that Standard Chartered Bank Uganda has over the years supported $896 million in value-added impact in Uganda (3.5% of GDP) and supported 491,000 jobs directly and indirectly. More recently, the Bank has funded infrastructure projects worth over $1billion.
The development means the individual savings, current and any form of accounts save for those by corporate organisations in Standard Chartered Bank Uganda will be sold and taken over by the new buyer.
Standard Chartered group has done the same to its retail and wealth businesses in Zambia, Sierra Leone, Botswana and Tanzania in Africa as well as India and Jordan, elsewhere.
