David Wandera, the Absa Bank Uganda Head of Financial MarketsStandard Chartered Uganda has confirmed that the agreement entered into with Absa Bank Uganda in October 2025 for the sale of the Wealth and Retail Banking business to Absa Bank Uganda has received the necessary regulatory approval from Bank of Uganda.The sale includes Standard Chartered Uganda’s retail banking portfolio, wealth and affluent client relationships, retail products, assets, and customer balances associated with these businesses.The approval marks an important milestone for Uganda’s banking sector and reflects continued confidence in the strength, stability, and regulatory oversight of the country’s financial system. It also reinforces Absa’s position as a well-capitalized financial institution with a strong governance framework and a long-term commitment to the Ugandan market.With the regulatory approval now secured, Standard Chartered Uganda has will now progress to the next phase of the transaction process.“At this stage, there is no immediate change to our day-to-day operations, client services, or systems. Over the coming months, our teams will continue working closely with Absa Bank Uganda to finalize the integration process and operational alignment, ensuring a smooth, well-governed, and orderly transition,” Standard Chartered Uganda wrote to customers.It’s important to note that Wealth & Retail Business provides banking services to all individuals and Small & Medium Enterprises (SME). This includes savings, current and fixed deposit accounts, mortgages, unsecured loans (Personal Instalment loans), overdrafts, etc held by individuals and Small & Medium Enterprises. In addition, it has wealth management products such as SC Shilingi, Off- shore Mutual Funds, Endowment plans and Bonds.While announcing the acquisition in October 2025, David Wandera, Managing Director of Absa Bank Uganda, said: “This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions. It represents an opportunity to welcome new customers and colleagues into the Absa family, while reaffirming our long-term commitment to Uganda’s economic development.”On his part, Sanjay Rughani, CEO & Managing Director, Standard Chartered Uganda, said: “This agreement marks a pivotal moment in executing our global strategy – focusing on areas where we are most differentiated and can create the greatest impact. We remain fully committed to Uganda, and our Corporate and Investment Banking clients will continue to receive the high-quality service, trusted partnership and innovative solutions they expect from Standard Chartered. We are confident that our WRB clients and colleagues will be in excellent hands with Absa.”Standard Chartered says together with Absa, they are committed to jointly managing services throughout the transition, ensuring clients continue to receive reliable, high-quality banking support with minimal disruption. Both banks bring the experience, oversight, and coordination needed to maintain service continuity and a seamless customer experience. The post Bank of Uganda Approves Sale of Standard Chartered Uganda’s Wealth and Retail Banking Business To Absa Bank appeared first on Business Focus.