KAMPALA, Uganda — The Bank of Uganda has approved Absa Bank Uganda Limited’s acquisition of the wealth and retail banking business of Standard Chartered Uganda.
The central bank’s approval marks a significant development for the nation’s banking sector, positioning Absa as a well-capitalized financial institution committed to the Ugandan market.
David Wandera, managing director of Absa Bank Uganda, said the approval reinforces confidence in the local banking system. He noted that Absa will draw on its experience from the 2019 Barclays-to-Absa transition to manage this process smoothly under regulatory oversight.
Bank officials confirmed there will be no immediate change for clients, and day-to-day banking operations will continue as usual. Customers can access services through existing channels, and any future updates will be communicated in advance.
The transaction allows Absa Bank Uganda to expand its retail and wealth operations by utilizing its current infrastructure, digital platforms and staff.
Sanjay Rughani, CEO and managing director of Standard Chartered Uganda, said the decision aligns with the Standard Chartered Group’s global strategy to focus on corporate and investment banking. He expressed confidence that Absa is well positioned to advance the retail business.
The transaction will take effect once the transition approach is finalized to ensure a seamless transfer of the business.
Absa Bank Uganda Limited is part of Absa Group Limited, a diversified financial services group listed on the Johannesburg Stock Exchange. Absa Uganda operates 39 branches, 91 ATMs and 26 cash deposit machines across the country. The bank is regulated by the Bank of Uganda, and customer deposits are protected by the Deposit Protection Fund up to 10 million Ugandan shillings.
