BoU approves sale of Standard Chartered’s wealth and retail banking business to Absa
The approval clears a key regulatory hurdle for the transaction and underscores confidence in the stability, resilience and regulatory oversight of Uganda’s financial system
KAMPALA, May 30, 2026 — The Bank of Uganda [BoU] has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking [WRB] business to Absa Bank Uganda Limited, marking a significant development in the country’s banking sector.
The approval clears a key regulatory hurdle for the transaction and underscores confidence in the stability, resilience and regulatory oversight of Uganda’s financial system. It also reinforces Absa Bank Uganda’s position as a well-capitalised financial institution with a strong governance framework and a long-term commitment to the Ugandan market.
Commenting on the approval, Standard Chartered Bank Uganda Chief Executive Officer and Managing Director, Sanjay Rughani, described the decision as a reflection of the important role both institutions play in Uganda’s banking industry.
“This approval is a testament to the strength and significant contribution of both banking institutions to the sector. The transaction aligns with Standard Chartered’s global strategy of focusing on our core strengths in Corporate and Investment Banking,” Rughani said.
“We are proud of the strong retail franchise we have built over the years in Uganda and are confident that Absa Bank is well positioned to take this business forward, ensuring continuity, innovation and reliable customer experiences.”
Rughani added that Standard Chartered Uganda remains committed to supporting the country’s economic growth through facilitating trade, unlocking capital and advising clients across key sectors of the economy.
Absa Bank Uganda Managing Director David Wandera welcomed the regulator’s decision, saying it strengthens confidence in Uganda’s banking sector and Absa’s long-term presence in the market.
“The Bank of Uganda’s approval is an important milestone that reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market,” Wandera said.
“Drawing on our experience from the Barclays-to-Absa transition in 2019, we have proven capabilities in managing complex banking transitions under regulatory oversight, while maintaining a strong focus on customer continuity and operational stability. We remain committed to delivering stable, responsible and customer-focused banking solutions that contribute to Uganda’s economic development.”
According to the two banks, the transaction will enable Absa Uganda to strengthen its retail and wealth banking operations by leveraging its existing infrastructure, digital platforms and experienced workforce to deliver high-quality banking services.
The banks emphasised that there will be no immediate changes for customers, with day-to-day banking operations expected to continue uninterrupted. Customers will continue accessing services through existing channels, while any future changes will be communicated in advance and in accordance with regulatory requirements.
The transaction between the two lenders is expected to take effect once all remaining conditions outlined in the transaction agreement have been fulfilled.
Standard Chartered Bank Uganda and Absa Bank Uganda said they will continue engaging regulators, customers and other stakeholders as the process progresses.
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