Standard Chartered Bank has reached an agreement to sell its wealth and retail banking operations in Uganda to South Africa’s Absa Group, according to Financial Times. The move forms part of the British lender’s ongoing strategy to streamline its African portfolio and focus on corporate and institutional banking.
The deal, which is still subject to regulatory approval, will see Absa take over Standard Chartered’s consumer and wealth management clients in Uganda, Reuters reported. The transaction excludes the corporate and investment banking segments, which the UK bank intends to retain as part of its regional growth focus.
Absa described the acquisition as a “strategic expansion” that reinforces its footprint in East Africa. The lender has been actively pursuing growth opportunities across key markets to strengthen its position as one of the continent’s largest financial institutions, Bloomberg noted.
This latest exit by Standard Chartered follows similar divestments in Zimbabwe and Botswana, consistent with a broader realignment of its global operations aimed at improving efficiency and capital returns, Financial Times added.
