Absa Group acquires Standard Chartered Uganda retail, wealth portfolio

Absa Group has successfully expanded its footprint in Uganda’s financial services sector with the acquisition of Standard Chartered Uganda’s retail and wealth management portfolio.

The signing ceremony took place at Standard Chartered’s offices in Kampala, officiated by Maria Kiwanuka, Chairperson of Standard Chartered Bank Uganda’s Board, and George Opio, Non-Executive Director of Absa Bank Uganda.
The transaction, which marks a pivotal moment in Absa’s Pan-African growth strategy, was attended by senior executives from both institutions.

Notable attendees included Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya and Africa; Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda; and David Wandera, Managing Director of Absa Bank Uganda.

According to Charles Russon, Absa Group Executive for Africa Regions, the acquisition supports the company’s strategic ambitions and strengthens its position in Uganda’s financial services landscape.

“This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens our position in Uganda’s financial services landscape,” Russon said. He added that the move will enable Absa Uganda to broaden its retail and wealth management offerings, delivering increased convenience and value to customers.

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The deal is part of a broader global efficiency strategy for Standard Chartered, which announced plans in November 2024 to reallocate resources toward areas where it offers a distinctive client proposition, primarily in corporate, institutional, and affluent cross-border banking. Sanjay Rughani, CEO and Managing Director of Standard Chartered Uganda, described the agreement as a pivotal moment in executing this strategy.

“This agreement marks a pivotal moment in executing our global strategy focusing on areas where we are most differentiated and can create the greatest impact,” Rughani stated.

Standard Chartered remains committed to Uganda through its Corporate and Investment Banking (CIB) division, which will continue serving major corporate, institutional, and public-sector clients. Rughani emphasized that the sale does not affect the bank’s CIB operations in Uganda, ensuring continuity for its key clients.

For Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, the acquisition signals a significant leap in its Pan-African growth strategy. The transaction follows Standard Chartered’s November 2024 announcement to explore the sale of its Wealth and Retail Banking portfolios in several African markets, including Uganda, Tanzania, and Côte d’Ivoire.