Absa Bank Uganda Limited has received regulatory approval from the Bank of Uganda to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Uganda.
The approval reinforces Absa’s position as one of the 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.
According to officials, there will be no immediate changes for customers, and day-to-day banking operations will continue as usual.
Absa said clients will continue accessing banking services through existing channels, and that 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, Chief Executive Officer and Managing Director of Standard Chartered Uganda commented on the development.
“This approval is timely and a testament to the strength and contribution of both institutions to Uganda’s banking industry. The decision reflects our continued commitment to align our operations with Standard Chartered Group’s global strategy, focusing on our 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," Rughani said.
The transaction is expected to become effective once the transition process, designed to ensure a seamless transfer of Standard Chartered Uganda’s WRB business, is completed. Absa Bank Uganda will continue to engage transparently with regulators, customers and other stakeholders as the process progresses.
Absa Bank Uganda currently has 39 branches, 91 ATMs and 26 Cash Deposit Machines (CDMs) across the country.
