Absa completes acquisition of Standard Chartered’s retail banking business in Uganda

Absa Bank Uganda has completed its acquisition of Standard Chartered Uganda’s Wealth and Retail Banking business, concluding a two-year transaction that transfers the business, its customers, products and supporting employees to Absa.

The transfer took effect on November 13, 2026, following regulatory approvals and a transition process jointly managed by the two lenders since the deal was announced in November 2024. The acquisition strengthens Absa’s position in Uganda’s retail and wealth banking market while allowing Standard Chartered to concentrate on its corporate and investment banking operations.

Although the business has formally transferred, the migration and integration of customer accounts and banking services are scheduled to take place over the weekend of November 13–15. Customers are expected to begin accessing their accounts, products and banking channels through Absa from November 16.

Absa expands its wealth and retail banking operations

The acquisition adds Standard Chartered Uganda’s Wealth and Retail Banking customers and products to Absa’s existing operations, expanding its customer base and deepening its established relationships in the market.

It also brings experienced banking professionals into Absa, with employees supporting the acquired business transferring as part of the transaction. Their integration is intended to preserve institutional expertise, customer relationships and continuity of service.

Absa Bank Uganda Managing Director David Wandera said the two banks had worked closely to make the transition as seamless as possible, recognising the importance of maintaining customer confidence during a change of banking provider.

“We recognise that changing banks is a significant transition for clients, which is why we have worked closely with Standard Chartered to make this transition as smooth as possible while preserving the products, pricing, relationships and support that clients value,” Wandera said.

He added that Absa’s immediate priority was to provide customers with the information and assistance required as the final migration activities were completed. The expertise and longstanding relationships of the employees joining the bank, he said, would further strengthen its ability to deliver financial solutions.

Standard Chartered retains Uganda corporate banking business

For Standard Chartered, the divestment forms part of its parent group’s global strategy to focus resources on markets and business segments where it has a more distinctive client proposition.

The transaction does not mark the bank’s exit from Uganda. Standard Chartered Uganda will retain its Corporate and Investment Banking business, serving companies, financial institutions and cross-border clients through its international network, financing capabilities and expertise.

Chief Executive Officer and Managing Director Sanjay Rughani described the completion as an important milestone following months of preparation and transition management.

“Our priority throughout has been to protect continuity for our Wealth and Retail Banking clients and colleagues and to support their move to an institution positioned to serve their future needs and ambitions,” Rughani said.

Customer migration concludes two-year transition

The transaction was implemented through a structured process involving both banks, regulators and other stakeholders. Preparations focused on transferring customers, employees and banking operations while maintaining service continuity and communication.

With the formal transfer completed, the weekend migration will mark the final operational stage of the acquisition. From November 16, customers previously served by Standard Chartered Uganda’s Wealth and Retail Banking business are expected to access their banking services through Absa’s platforms, bringing one of Uganda’s notable banking-sector transitions to its operational conclusion.