Standard Chartered signed an agreement on 24 October 2025 to sell its retail and wealth management banking business in Uganda to Absa Bank Uganda, transferring all clients and staff covered by those operations to its pan-African rival. The transaction, reported by Reuters, is part of Standard Chartered's withdrawal from retail banking across several sub-Saharan African markets.
No financial terms were disclosed for the Uganda transaction. The agreement is subject to regulatory approvals in Uganda before it can be completed, and customers and staff are expected to transfer once those approvals are obtained. Customers of Standard Chartered's retail and wealth operations in Uganda will be migrated to Absa Bank Uganda following the completion of all required approvals and procedural steps.
CORPORATE BANKING RETAINED
Standard Chartered, for its part, will retain its corporate and investment banking operations in Uganda.
PART OF A BROADER AFRICAN RETAIL EXIT
The Uganda sale follows Standard Chartered's November 2024 announcement that it would exit wealth and retail banking in Botswana, Uganda and Zambia.
Absa has been building its presence across the African continent since it separated from Barclays in 2018 and began the process of establishing its own brand and operating model. Absa already operates in Uganda through Absa Bank Uganda.
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