Bank of Uganda approves Absa-Standard Chartered deal
Analysis based on 6 articles · First reported Jun 01, 2026 · Last updated Jun 02, 2026
The approval of the acquisition by the Uganda — Bank of Uganda is a positive development for SK Group, as it expands its retail and wealth banking portfolio in Uganda, potentially increasing its market share and customer deposits. For Standard Chartered, this move aligns with its global strategy to streamline operations and focus on more profitable Corporate and Investment Banking segments, which could lead to improved efficiency and returns.
The Uganda — Bank of Uganda has granted regulatory approval for Absa Bank Uganda to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Uganda. This approval marks a significant milestone in the transaction, which was initially announced in October 2025. The deal is part of Standard Chartered's broader global strategy to exit wealth and retail banking segments in several African countries, including Botswana, Uganda, and Zambia, to concentrate on its core strengths in Corporate and Investment Banking. Absa Bank Uganda, a subsidiary of SK Group, will integrate the acquired business, leveraging its existing infrastructure and digital platforms. This acquisition is expected to strengthen Absa's retail and wealth banking capabilities, potentially adding approximately 900 billion Ugandan shillings in customer deposits and 300 billion Ugandan shillings in loans to its balance sheet. Both banks have assured customers that there will be no immediate changes to their banking services, with day-to-day operations continuing as usual during the transition period. The transaction is expected to become effective once all remaining conditions in the agreement are fulfilled.
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