Bank of Uganda has approved the sale of Standard Chartered Bank Uganda’s Wealth and Retail Banking business to Absa Bank Uganda Limited, the two lenders announced.
The regulatory green light clears a major hurdle for a transaction that could reshape the competitive landscape of Uganda’s banking sector.
Standard Chartered is selling its retail and wealth division to Absa, a deal that reinforces Absa’s footprint in the country while allowing Standard Chartered to streamline its operations.
In a joint statement, the banks said there would be no immediate changes for customers.
“Day-to-day banking operations will continue as usual,” the announcement read. Clients will still access services through the same branches, ATMs, mobile banking, and digital platforms.
Any future changes, the banks said, will be communicated in advance and in line with regulatory requirements.
Customer deposits at Standard Chartered Uganda remain protected by the Deposit Protection Fund up to UGX 10 million, according to the statement.
The transaction is expected to become effective once remaining conditions in the sale agreement are met. The banks said they would continue engaging with regulators, customers, and other stakeholders as the process moves forward.
Neither bank disclosed the financial value of the deal.
The approval signals confidence in Uganda’s banking regulatory framework, according to the announcement.
For Absa, acquiring Standard Chartered’s retail and wealth business expands its customer base and solidifies its position as one of Uganda’s major commercial banks. For Standard Chartered, the sale aligns with a strategy seen in other markets where the bank has exited retail banking to focus on corporate, institutional, and investment clients.
The deal now awaits finalisation of outstanding conditions before taking effect.