Bank of Uganda approves sell of Standard Chartered’ business to Absa Bank Uganda
CAPTION: Managing Director, Absa Bank Uganda David Wandera, 2nd left, exchange documents with Managing Director, Standard Chartered Uganda, Sanjay Rughani, right, with offcials in Kampala May 28th 2026. (Courtesy photo).
By Our reporter
KAMPALA – Standard Chartered Bank Uganda and Absa Bank Uganda Limited have received regulatory approval from the Bank of Uganda for Standard Chartered Bank Uganda Limited to sale its Wealth and Retail Banking (WRB) business to Absa Bank Uganda Limited.
The approval marks an important milestone for Uganda’s banking sector and reflects continued confidence in the strength, stability, and regulatory oversight of the country’s financial system. It also reinforces Absa’s position as a well-capitalised financial institution with a strong governance framework and a long-term commitment to the Ugandan market.
Sanjay Rughani, Managing Director, Standard Chartered Uganda, added: “This approval is a testament to the strength and vital contribution of both banking institutions to the banking industry. This decision reflects our continued commitment to align our operations with the Standard Chartered’s global strategy, focusing on our core strengths in Corporate & 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 reliable client experiences.”
Standard Chartered Uganda remains deeply committed to Uganda and will continue to play a leading role in supporting the Country’s economic growth by facilitating trade, unlocking capital and advising clients across key sectors of the economy.
“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.
The transaction will enable Absa 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.
There is no immediate change for customers, and day-to-day banking operations will continue as usual. Clients will continue to access banking services through the same channels, and any future changes will be communicated clearly and in advance, in line with regulatory requirements.
The transaction is expected to become effective once the remaining conditions set out in the transaction agreement have been fulfilled. Standard Chartered Uganda and Absa Bank Uganda will continue to engage with regulators, customers, and other stakeholders as the process progresses.
About Standard Chartered
We are a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.
About Absa Group Limited
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups. It offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.
It also owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Kenya and South Africa.
Absa also has offices in the People’s Republic of China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.
