• Absa to acquire Standard Chartered’s retail, wealth units in Uganda
• Deal aligns with Absa’s regional growth, pending regulatory approval
• Standard Chartered continues exit from African retail banking markets
  

Absa Bank Uganda, a subsidiary of South African financial group Absa, announced on Friday it has signed an agreement to acquire the retail and wealth management businesses of Standard Chartered Bank in Uganda.

The transaction is subject to regulatory approvals. "We look forward to sharing more details once all necessary approvals are in place," Absa said in a statement.

Exciting news!

We are proud to announce that today, we signed an agreement with Standard Chartered Bank Uganda to acquire its Wealth and Retail Banking business, subject to conditions that are customary for a transaction of this nature, including, but not limited to, REGULATORY… pic.twitter.com/SZAwNtOLGN

— Absa Bank Uganda (@AbsaUganda) October 24, 2025

Absa views the deal as a reflection of its long-term growth ambitions and a move to strengthen its regional presence. The group, which operates across several African countries including South Africa, Kenya, Tanzania, Ghana, and Mauritius, intends to consolidate its position in the Ugandan market, particularly in the expanding retail and wealth management sectors. It plans to leverage the British bank's existing resources, expertise, and infrastructure.

Standard Chartered is continuing its strategy of refocusing on services for small and medium enterprises, large corporations, and institutions, while progressively divesting from the private and retail banking segments in Africa.

This strategic shift previously led to the sale of its subsidiaries in Angola, Cameroon, Gambia, Sierra Leone, and Tanzania to Access Bank Plc starting in 2023. The process continued into 2024, with Standard Chartered announcing its intent to exit Botswana, Uganda, and Zambia.

Sandrine Gaingne