Standard Chartered sells retail, wealth business to Absa
In a joint statement, the bank said the transaction aligns with its global strategy to sharpen its focus on core markets and client segments.
Absa Bank Uganda managing director David Wandera and Standard Chartered Bank Uganda's chief executive Sanjay Rughani.
KAMPALA - Standard Chartered Bank Uganda has signed an agreement to sell its Wealth and Retail Banking business to Absa Bank Uganda.
The sale, announced on Friday in Kampala, follows Standard Chartered’s decision in November last year to streamline operations and focus on areas where it sees the strongest growth potential, including corporate and investment banking.
In a joint statement, the bank said the transaction aligns with its global strategy to sharpen its focus on core markets and client segments.
Under the deal, all Standard Chartered retail customers and employees in Uganda will move to Absa, which has promised a smooth transition. Both lenders said they will work closely to protect client interests and maintain continuity of services during the handover period.
The signing ceremony, held at Standard Chartered’s offices, was attended by senior executives from both banks, including Standard Chartered Kenya and Africa managing director Kariuki Ngari, Standard Chartered Uganda CEO Sanjay Rughani, and Absa Bank Uganda managing director David Wandera.