Standard Chartered Bank Uganda has sold itts wealth and retail banking business in Uganda to Absa Bank .
This after Standard Chartered announced in December 2024 that it was exploring the sale of this business unit to focus on corporate and investment banking.
“We are proud to announce that today, we signed an agreement with Standard Chartered Bank Uganda to acquire its Wealth and Retail Banking business, subject to conditions that are customary for a transaction of this nature, including, but not limited to, REGULATORY approvals,” a brief statement released by Absa Bank executives today revealed in part .
“This milestone reflects our long-term growth ambitions and our commitment to delivering even more value, innovation, and convenience to our customers and stakeholders. We look forward to sharing more details once all necessary approvals are in place, ” the statement added .
Absa’s acquisition of Standard Charted Bank Uganda’s Wealth and retail banking business means that once approved by the Central Bank , they will take over all the StanChart brances spread across the country and will also grow their clientele by a big margin .
