Absa Bank Uganda has completed the acquisition of Standard Chartered Uganda’s Wealth and Retail Banking business, bringing a two-year transaction to a close and transferring the business, its clients and products to Absa effective November 13, 2026.
The completion follows regulatory approvals and a transition process jointly managed by the two banks since the transaction was announced in November 2024.
Although the business has formally transferred to Absa, the migration and integration of customer accounts and banking services will take place over the weekend of November 13–15. Customers are expected to begin accessing their accounts, services and banking channels through Absa from November 16.
The transition also includes the transfer of Standard Chartered employees supporting the Wealth and Retail Banking business to Absa, a move intended to preserve institutional expertise, customer relationships and service continuity.
Standard Chartered Uganda Chief Executive Officer and Managing Director Sanjay Rughani said the completion marked an important milestone for the bank, following several 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.
He added that Standard Chartered remained committed to Uganda through its Corporate and Investment Banking business, which serves corporate clients, financial institutions and cross-border businesses by connecting them to the bank’s international network, expertise and financing capabilities.
The divestment forms part of Standard Chartered Group’s global strategy to concentrate resources in markets and business segments where it has a more distinctive client proposition.
For Absa, the acquisition strengthens its existing wealth and retail banking operations by expanding its customer base, adding experienced banking professionals and deepening its established client relationships.
Absa Bank Uganda Managing Director David Wandera said the bank had worked closely with Standard Chartered to ensure customers experienced a smooth transition.
“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 said Absa’s immediate priority was to ensure customers received the information and assistance needed as the final migration activities were completed.
“The expertise and longstanding client relationships of the colleagues joining us will further strengthen our ability to serve clients and provide financial solutions that support their evolving needs and ambitions,” Wandera added.
The transaction was implemented through a structured transition involving both banks, the relevant regulators and other stakeholders. The process focused on preparing customers, employees and banking operations for the transfer while maintaining service continuity and communication.
From November 16, customers previously served through Standard Chartered Uganda’s Wealth and Retail Banking business are expected to access their banking services through Absa’s platforms, marking the operational conclusion of one of the country’s notable banking-sector transitions.
