In Uganda, Standard Chartered franchise has completed the sale and transfer of its wealth and retail banking business to rival, Absa Bank, following the receipt of the necessary regulatory approvals.

This milestone concludes the transaction announced in November 2024 and reflects the careful execution of the transition. 

Effective Friday, Standard Chartered Uganda's wealth and retail banking business, including its clients and products, transferred to Absa Bank Uganda.

While the business has formally transferred to Absa, the final migration and integration of client accounts and banking services will take place at the weekend of 13 - 15 November 2026. 

Clients are expected to begin accessing their Absa Bank Uganda accounts, services and banking channels starting 16th November.

In an update on Friday, the lenders said Standard Chartered Uganda staff supporting the wealth management unit have joined Absa Bank Uganda, helping to preserve continuity of expertise, client relationships and service.

Our priority throughout has been to deliver an orderly and seamless transition for clients, Stanchart stated.

Standard Chartered and Absa will continue to provide direct support, including guidance on accessing accounts, cards, digital banking platforms and other services, the bank explained.

StanChart Uganda CEO Sanjay Rughani said, “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.

As we begin this next chapter, Standard Chartered remains committed to Uganda through our Corporate & Investment Banking franchise, connecting Ugandan businesses and institutions to our global network, expertise and financing capabilities.”

The completion supports Standard Chartered Group's global strategy to concentrate resources in areas where it has the most distinctive client proposition. 

In Uganda, the bank said it will continue building on its presence through its corporate and investment banking franchise, serving corporate, financial institution and cross-border clients and connecting them to opportunities across its international network.

David Wandera, Managing Director, Absa Bank Uganda, said, “As we complete the final migration activities over the coming days, our priority remains ensuring clients have the information, guidance and support they need to continue banking with confidence.

The transaction was completed through a structured transition process led by both banks to prepare clients, colleagues and operations for the transfer. 

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