The Bank of Uganda has approved Absa Bank Uganda’s acquisition of the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda, marking a significant development in Uganda’s banking sector.
The approval clears the way for Absa to take over Standard Chartered Uganda’s retail and wealth banking operations, subject to the completion of the transition process and regulatory requirements.
Industry observers view the move as a reflection of confidence in the stability of Uganda’s financial sector and the capacity of local banking institutions to manage strategic growth opportunities under the oversight of the central bank.
Speaking after the approval, Absa Bank Uganda Managing Director, David Wandera, described the decision as an important milestone for both the institution and the broader banking industry.
“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's experience managing the transition from Barclays to Absa in 2019 provides the bank with the expertise needed to oversee complex banking integrations while maintaining customer service 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,” he added.
According to both banks, customers will not experience any immediate changes following the approval. Banking services will continue to be accessed through existing channels as the transition process progresses.
Absa said the acquisition will strengthen its retail and wealth banking portfolio by leveraging its existing branch network, digital platforms, and experienced workforce to enhance customer experience and service delivery.
Standard Chartered Uganda Chief Executive Officer and Managing Director, Sanjay Rughani, welcomed the approval, describing it as a testament to the strength of both institutions and their contribution to 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 explained that the decision aligns with Standard Chartered Group’s global strategy, which increasingly focuses on its core strengths in Corporate and 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,” he said.
The transaction comes at a time when Uganda’s banking industry is witnessing increasing investment in digital financial services, financial inclusion initiatives, and customer-centric banking solutions.
Absa Bank Uganda, which operates 39 branches, 91 ATMs, and 26 Cash Deposit Machines across the country, says it will continue investing in technology, infrastructure, and human capital to meet the evolving needs of customers.
The bank also reaffirmed its commitment to supporting national development priorities through increased access to financial services, investment facilitation, and the promotion of a competitive financial sector.
Once the transition process is completed, the acquisition is expected to further strengthen Absa’s position in Uganda’s retail banking market while providing customers with access to expanded products, services, and digital banking capabilities.
Both institutions have pledged to continue engaging regulators, customers, employees, and other stakeholders throughout the transition to ensure a seamless transfer of the Wealth and Retail Banking business.
The transaction represents one of the most notable developments in Uganda’s banking sector in recent years and signals continued evolution within the country's financial services landscape as banks reposition to meet changing customer needs and global strategic priorities.