Bank of Uganda Clears Standard Chartered Uganda and Absa Bank Uganda Sale Deal
Standard Chartered says there will be no immediate changes for customers, and day-to-day banking services will continue as usual
Bank of Uganda has granted regulatory approval for the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking business to Absa Bank Uganda. Despite this sale however, Standard Chartered Uganda will remain open in Uganda but will be focusing on only Corporate and Investment Banking.
This announcement comes on the back of an earlier announcement that was made in October 2025 by the two financial giants when they announced the sale of Standard Chartered’s Wealth and Retail Banking business to Absa Bank Uganda Limited, subject to regulatory approval.
The genesis of this transaction though stems back to November 2024 when Standard Chartered Group announced its intention to exit various Wealth & Retail Banking Businesses in Uganda, Zambia and Botswana.
The central bank back then issued a statement on December 2, 2024, confirming it had received a proposal from Standard Chartered Bank Uganda regarding the possible sale of its wealth management and retail banking operations in Uganda and reassured customers of Bank that their funds remained secure.
The statement signed off by Robert Kenneth Egesa, Director of Communications & Public Relations at BoU stated that “The proposal aligned with Standard Chartered PLC’s broader strategic focus to enhance its corporate and institutional banking model in Africa,” He also noted that the central bank would collaborate closely with Standard Chartered Bank Uganda Limited to ensure the proposed process adheres to all regulatory requirements.
This current approval from the Central Bank therefore marks a significant milestone for Uganda’s banking sector, signaling confidence in the strength, stability, and regulatory oversight of the country’s financial system. It also affirms both Bank’s position as a well-capitalised institutions with a strong governance framework and a long-term commitment to the Ugandan market.
Sanjay Rughani, the CEO of Standard Chartered Uganda has applauded BOU’s approval saying it reflects the strength and important contribution of both institutions to Uganda’s banking sector. Affirming that the decision for Standard Chartered to sale is aligned with its global strategy and continued focus on its core strengths in Corporate and Investment Banking.
Sanjay also expressed satisfaction with the ongoing progress saying that Standard Chartered is proud of the strong retail franchise it has built in Uganda while reaffirming the franchise’s commitment to the Ugandan market and its intention to continue supporting the country’s economic growth by facilitating trade, unlocking capital, and advising clients across key sectors of the economy.
David Wandera, Managing Director of Absa Bank Uganda while commenting on this milestone said: “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, we bring 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 uninterrupted service while delivering stable, responsible, and customer-focused banking solutions that support Uganda’s economic development.” He reassured.
The transaction is expected to strengthen Absa Uganda’s 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.
Standard Chartered has reassured its clients stating that there will be no immediate changes for customers, and day-to-day banking services will continue as usual. Clients will continue to access services through the same channels, and any future changes will be communicated clearly and in advance, in line with regulatory requirements.
Following the regulatory approval from the Bank of Uganda, the transaction will progress towards completion once the remaining conditions set out in the transaction agreement have been fulfilled. Standard Chartered Uganda and Absa Bank Uganda said they will continue to engage regulators, customers and other stakeholders as the process advances.
