Standard Chartered Plans Uganda Wealth Retail Sale to Absa Expanding African Reach

Standard Chartered Bank Uganda has agreed to sell its Wealth and Retail Banking (WRB) business portfolio to Absa Bank Uganda as part of Standard Chartered's global strategy to focus on more distinctive, profitable ventures like Corporate and Investment Banking. This sale allows Standard Chartered to concentrate on affluent and cross-border clients while exiting retail banking in Uganda, a move consistent with its recent divestitures in other African markets. The transition will see all WRB clients and employees move to Absa, which views the acquisition as a strategic expansion supporting its Pan-African growth ambitions and strengthening its position in Uganda's financial services landscape. Both banks are committed to ensuring a smooth transition, with Standard Chartered reaffirming its ongoing commitment to Uganda through its Corporate and Investment Banking operations. This deal exemplifies a broader trend in African banking where international banks focus on niche, high-margin segments while regional banks like Absa expand their retail footprints. The transaction is pending regulatory approval but marks a significant reshaping of Uganda's banking sector.