L-R: Managing Director of Absa Bank Uganda David Wandera, and CEO and Managing Director of Standard Chartered Uganda Sanjay Rughani
Standard Chartered Bank Uganda has signed an agreement to sell its Wealth and Retail Banking business to Absa Bank Uganda, a subsidiary of South Africa’s Absa Group. The move is part of Standard Chartered’s global plan to focus on areas where it has the strongest advantage mainly corporate and investment banking, and services for wealthy and cross-border clients.Once the deal is approved by regulators, all affected clients and staff will move to Absa. Both banks have promised a smooth handover that protects customers, employees, and partners.
The signing took place at Standard Chartered’s offices in Kampala and was led by Uganda Board Chair Maria Kiwanuka and Absa Uganda Director George Opio. It was witnessed by Standard Chartered Kenya and Africa CEO Kariuki Ngari, Standard Chartered Uganda Managing Director Sanjay Rughani, and Absa Uganda Managing Director David Wandera. Mr Ngari said the sale shows the bank’s decision to focus on its most profitable areas.
“The sale of our wealth and retail banking business in Uganda to Absa marks an important milestone as we continue to grow income and returns. We will work closely with Absa to ensure a smooth transition while protecting the interests of our clients and employees,” – Kariuki Ngari.
Absa Group Executive for Africa Regions Charles Russon said the transaction supports Absa’s plans to grow across Africa.
“It will enable Absa Uganda to expand its retail and wealth management services and provide greater value to our customers,” he said.Mr Wandera added that Absa is ready to welcome new customers and colleagues.
“This deal strengthens our commitment to Uganda’s economic growth and our goal to offer innovative, customer-focused financial solutions,” he said.
While Standard Chartered is exiting wealth and retail banking in Uganda, it will continue to serve corporate and institutional clients through its Corporate and Investment Banking division. Mr Rughani said the bank remains committed to Uganda’s financial market.
“We will continue to serve our corporate and investment banking clients with the same high-quality service they expect from Standard Chartered. We are confident that our wealth and retail customers will be in excellent hands with Absa,” he said.The sale is part of a wider plan by Standard Chartered to streamline operations across Africa. The bank has already exited five countries — Angola, Cameroon, Gambia, Sierra Leone and Zimbabwe and stopped its retail business in Tanzania and Côte d’Ivoire. These businesses were sold to Access Bank in 2023.
Shift Towards Affluent Clients
Standard Chartered’s decision reflects a clear focus on high-net-worth individuals and cross-border clients — groups that are growing fast in Uganda. According to the Uganda Revenue Authority, the number of wealthy individuals rose from 144 in 2019 to 1,359 in 2023. They paid UGX 130 billion (about USD 34 million) in taxes last year. Most have invested in real estate, a sector seen as safe and profitable.
Across Africa, there are about 135,200 millionaires, 342 centi-millionaires, and 21 billionaires. Over half of Africa’s total wealth is concentrated in five countries — South Africa, Egypt, Nigeria, Kenya, and Morocco.
Investing in Wealth Management
Globally, Standard Chartered is repositioning itself as a leading wealth manager across Asia, Africa, and the Middle East. The bank plans to invest USD 1.5 billion over five years to strengthen its wealth and digital platforms, client centres, and brand. It aims to build a strong pipeline of affluent and international clients while improving returns.
In Kenya, the bank has launched a wealth advisory campaign called “Now’s Your Time for Wealth” to help entrepreneurs and investors manage and grow their assets. Standard Chartered, which has operated in Africa for about 150 years, is reshaping its operations to improve efficiency and profitability. By selling its Uganda wealth and retail business to Absa, the bank is freeing up resources to grow in areas where it performs best — wealth management, corporate banking, and international services.
For Absa, the acquisition is a major step in strengthening its retail and wealth business in Uganda and advancing its goal of becoming a leading pan-African financial institution.
Following Barclays Plc’s exit, Barclays Africa Group rebranded its African operations to Absa. The group, now Absa Group Ltd, is listed on the Johannesburg Stock Exchange (JSE) and operates in 10 African countries, including Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda, and Zambia.
