BoU Clears Absa Takeover of Standard Chartered Retail, Wealth Business
The Bank of Uganda (BoU) has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business to Absa Bank Uganda, marking a major development in the country’s banking sector. The regulatory greenlight paves the way for Absa to take over Standard Chartered’s retail and wealth portfolio, in a move both banks […] The post BoU Clears Absa Takeover of Standard Chartered Retail, Wealth Business appeared first on Daily Star.
Black News 
The Bank of Uganda (BoU) has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business to Absa Bank Uganda, marking a major development in the country’s banking sector.
The regulatory greenlight paves the way for Absa to take over Standard Chartered’s retail and wealth portfolio, in a move both banks say reflects confidence in Uganda’s financial system and its regulatory environment.
Standard Chartered Uganda CEO Sanjay Rughani said the decision aligns with the bank’s global strategy to focus on Corporate and Investment Banking.
“This approval is a testament to the strength and contribution of both institutions to Uganda’s banking industry. We are proud of the retail franchise we have built and are confident that Absa is well positioned to take it forward,” Rughani said.
He added that Standard Chartered will maintain its presence in Uganda, continuing to support economic growth through trade facilitation, capital mobilisation and advisory services.
Absa Bank Uganda Managing Director David Wandera described the approval as a significant milestone that strengthens confidence in both the sector and Absa’s long-term commitment to the Ugandan market.
“Drawing from our experience during the Barclays transition, we have the capability to manage complex integrations while ensuring customer continuity and operational stability,” Wandera said.
The acquisition is expected to boost Absa’s position in the retail and wealth banking space, leveraging its digital platforms, infrastructure and workforce to expand customer-focused services.
Both banks noted that there will be no immediate changes for customers. Banking services will continue as usual, with any future adjustments to be communicated in line with regulatory requirements.
The transaction will be finalised once all conditions outlined in the agreement are met, with both institutions continuing to engage regulators and stakeholders throughout the transition process.
The post BoU Clears Absa Takeover of Standard Chartered Retail, Wealth Business appeared first on Daily Star.
