Standard Chartered sells Uganda retail business to Absa
Standard Chartered has agreed to sell its Wealth and Retail Banking operations in Uganda to Absa Bank Uganda. The deal follows the British lender’s November 2024 decision to exit markets where it lacks a competitive advantage. Corporate and Investment Banking services will remain under Standard Chartered control.
All affected customers and staff members will move to Absa once regulators approve the transaction. The banks plan to coordinate the transfer process over several months. Absa executives said the acquisition advances their expansion goals across Africa and strengthens their presence in Uganda’s banking sector.
Standard Chartered will maintain its corporate banking franchise in the East African nation. The company is concentrating resources on wealthy clients and cross-border financial services as part of a worldwide restructuring effort. Absa aims to expand its retail and wealth management products through the purchase.
