Standard Chartered Bank: Here to Stay in Uganda

Standard Chartered Bank has reaffirmed its commitment to Uganda, despite an upcoming transformation in its business model. According to Sanjay Rughani, the CEO of Standard Chartered Bank Uganda, the institution is not leaving the country but is strategically shifting its focus.

"Looking at the market, we have decided that retail banking does not have enough scale from the standard global matrix," Rughani explained during his recent appearance on Next Radio.

Over the next 18 to 24 months, the bank plans to exit its retail banking segment by selling it to a partner. This move is aimed at ensuring continuity for its clients and employees while meeting regulatory requirements.

“We want to ensure our clients receive the right kind of service and support," he said.

Instead, the bank is sharpening its focus on corporate and institutional banking, targeting large organisations that drive Uganda's economy.

This strategic pivot aligns with their broader vision of making significant contributions to Uganda’s economic growth.

"Our contribution to Uganda’s GDP cannot be ignored,” Rughani noted, highlighting that Standard Chartered Bank accounts for more than 3% of the nation’s GDP. “We are here for good business,” he emphasised.

Sanjay Rughani’s career is a testament to global expertise and adaptability. A Tanzanian national, Rughani began his professional journey at the age of 16, working with an audit firm in India. Over the years, he has held 18 different roles across 17 countries on multiple continents.

This wealth of experience has shaped his worldview. "When you see the world, you can win," he remarked, emphasising the importance of understanding cultural and national differences.

His proudest career milestone was as CEO of Standard Chartered Bank Tanzania, where he spearheaded the financing of the Tanzania Standard Gauge Railway.

This landmark project, which impacts 7.5 million lives, stands as a symbol of the bank’s commitment to transformative development.

Rughani is keenly aware of the transformative forces reshaping the banking industry. He acknowledges the growing significance of artificial intelligence, green financing, and digital currencies, describing them as the inevitable future.

He also highlighted the potential of personalisation to revolutionise customer experiences in banking.

As Standard Chartered Bank transitions its business model in Uganda, the institution remains steadfast in its mission to drive economic growth and innovation.

Under Rughani’s leadership, the bank is set to expand its impact, leveraging its global expertise and commitment to sustainable growth.

Uganda can look forward to a future where Standard Chartered continues to be a pivotal player in the nation’s economic development.