Absa takes up to 30pc of Uganda retail deposits in StanChart deal

Absa Bank Kenya CEO Yusuf Omari (right) during the launch of Absa Next, a fully integrated digital finance solution designed to meet the evolving needs of consumers. [James Wanzala, Standard]

Absa Bank Uganda is set to control up to 30 per cent of the country’s retail deposits after completing its takeover of Standard Chartered’s wealth and retail banking business.

The transaction, completed on November 13, transfers Standard Chartered Uganda’s Wealth and Retail Banking business to Absa, including its customers, products and employees.

An assessment by the Common Market for Eastern and Southern Africa (COMESA) Competition Commission projected that the combined business would account for between 20 and 30 per cent of Uganda’s retail deposit market and 10 to 20 per cent of retail lending.

The acquisition strengthens Absa’s position in Uganda’s banking industry by giving it access to an established customer base and wealth management portfolio.

It also places the lender in closer competition with established players such as Stanbic Bank Uganda and Centenary Bank.

Customers will begin accessing their Absa accounts, cards and digital banking platforms from November 16.

The migration and integration of banking services will take place over the weekend of November 13-15.

The regional competition regulator approved the transaction without conditions after assessing its potential effect on competition in the banking market.

The Bank of Uganda also granted regulatory approval in June 2026.

For Standard Chartered, the transaction marks its withdrawal from Uganda’s retail and wealth banking segments. The lender will, however, retain its Corporate and Investment Banking business in the country.

Standard Chartered Uganda Chief Executive Officer and Managing Director Sanjay Rughani said the completion marked the end of a transition process aimed at maintaining continuity for customers and employees.

“The completion of this transaction is an important milestone for Standard Chartered in Uganda and the culmination of a carefully managed transition over the past several months,” Rughani said.

He added that the bank would continue serving Ugandan businesses and financial institutions through its corporate banking operations.These services connect clients to its international network, expertise and financing capabilities.

The sale forms part of Standard Chartered Group’s global strategy to concentrate resources on business segments where it has a stronger client proposition.

In November 2024, the group announced plans to explore the sale of its wealth and retail banking operations in Uganda, Botswana and Zambia.

The move was part of a broader shift towards affluent customers, international businesses and financial institutions.

The Ugandan transaction agreement was signed in October 2025.

Its completion was subject to regulatory approvals and other conditions.

Absa Bank Uganda Managing Director David Wandera said the acquisition would strengthen the lender’s wealth management capabilities and expand its ability to serve customers.

“We are pleased to officially welcome Standard Chartered's Wealth and Retail Banking clients and colleagues to Absa,” Wandera noted.

He explained that the two banks had worked together to maintain existing products, pricing, customer relationships and support arrangements during the transition.

Absa Bank Uganda operates 39 branches, 85 ATMs and 25 cash deposit machines across the country.

The lender is part of Absa Group, which has banking operations in several African markets, including Kenya, Uganda, Tanzania, South Africa and Zambia.