Standard Chartered is officially exiting the mainstream consumer banking market in Uganda. The company announced today in Kampala that it has signed an agreement to sell its entire Wealth and Retail Banking (WRB) business portfolio to Absa Bank Uganda.
This means if you use Standard Chartered for your personal bank account or wealth management in Uganda, you are set to become an Absa customer.
The “Why” Behind the Pivot
This move wasn’t a complete surprise. Standard Chartered first announced its intention to explore a sale back on November 27, 2024. The sale is a core part of the bank’s current global strategy: get out of business lines where it isn’t “distinctive” and “concentrate resources” on more profitable ventures.
Kariuki Ngari, Standard Chartered’s CEO for Kenya and Africa, clarified what this means in practice. The bank is “doubling down on our affluent and cross-border strategy,” and this sale is intended to “accelerate income growth and returns.”
In simple terms, Standard Chartered is strategically shifting its focus to high-net-worth individuals and large-scale international corporate deals, leaving the everyday retail banking market to competitors like Absa.
What’s Not Changing
To be clear, Standard Chartered isn’t leaving Uganda entirely. The bank was explicit that its Corporate and Investment Banking (CIB) business is “unaffected” by the sale.
Sanjay Rughani, CEO & Managing Director of Standard Chartered Uganda, affirmed this, stating, “We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions they expect from Standard Chartered.”
What Absa Gets from the Deal
For Absa, this is a straightforward acquisition to bulk up its local operations and customer base. The acquisition supports Absa’s “strategic Pan-African growth ambitions,” according to Charles Russon, Absa Group Executive for Africa Regions. He noted it “further strengthens Absa’s position in Uganda’s financial services landscape.”
David Wandera, the Managing Director of Absa Bank Uganda, called the deal a “significant milestone” in the bank’s effort to “become a market leader.” The acquisition allows Absa to immediately “broaden its retail and wealth management offerings” and absorb a new base of customers and employees.
The Transition: What Happens to Customers and Staff?
According to the agreement, all of Standard Chartered’s Wealth and Retail Banking clients and employees in Uganda will be transferred to Absa.
The two banks stated they “will work closely in the coming months to ensure a seamless transition for all stakeholders.” Ngari added that the process would “safeguard[] the interests of our valued clients and prioritis[e] our employees.”
The Handshake
The agreement was finalized today, October 24, 2025, at Standard Chartered’s offices in Kampala.
The signing ceremony was led by Mrs. Maria Kiwanuka, the Board Chairperson of Standard Chartered Uganda, and George Opio, a Non-Executive Director of Absa Bank Uganda.
The agreement itself was signed by Standard Chartered Uganda’s CEO, Sanjay Rughani, and Absa Bank Uganda’s MD, David Wandera. Kariuki Ngari, Standard Chartered’s head for Kenya and Africa, was also in attendance and a signatory to the agreement.
The entire transaction is now subject to regulatory approvals.
