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Absa Bank Uganda, a wholly owned subsidiary of Absa Group, led by Kenny Fihla, has signed an agreement to absorb the wealth and retail banking (WRB) business portfolio of Standard Chartered Bank Uganda in a key step to strengthen its pan-African footprint and deepen its retail presence in East Africa.
The transaction, which is subject to regulatory approvals, will see all Standard Chartered WRB clients and staff transition to Absa Bank Uganda. Both lenders will work closely in the coming months to ensure a seamless process for customers and employees.
Strengthening Absa’s regional position
The acquisition represents a strategic milestone in Absa’s journey to expand its customer-centric financial services model across Africa. It will enable Absa to broaden its offerings, enhance convenience, and better serve the evolving needs of retail and wealth clients in Uganda.
“This transaction supports Absa’s strategic Pan-African growth ambitions and further strengthens Absa’s position in Uganda’s financial services landscape,” said Charles Russon, Absa Group Executive for Africa Regions. “It will enable Absa Uganda to broaden its retail and wealth management offerings and deliver increased convenience and value to our customers.”
David Wandera, Managing Director of Absa Bank Uganda, described the acquisition as “a significant milestone” for the bank’s growth strategy. “This acquisition represents an opportunity to welcome new customers and colleagues into the Absa family, while reaffirming our long-term commitment to Uganda’s economic development,” he said.
A shift in Uganda’s banking landscape
The transaction signals a notable realignment within Uganda’s financial sector. Once completed, it will expand Absa’s retail base, adding new clients, products, and expertise, while positioning the bank to compete more strongly with established players such as Stanbic Bank, Equity Bank, and dfcu Bank.
For Standard Chartered, the sale marks progress in executing its global plan to streamline operations and focus on segments where it maintains a competitive edge, particularly affluent and cross-border clients.
Leadership and future outlook
Absa Group, since dropping the Barclays name in 2020, has focused on growing its retail and SME banking units. It now serves over 12 million customers across 10 African markets, strengthening its regional presence under the leadership of Kenny Fihla, who became Group CEO in June 2025.
Fihla, who spent two decades at Standard Bank, is now leading one of Africa’s biggest lenders into its next phase. Absa’s purchase of Standard Chartered’s retail and wealth units in Uganda is more than just another transaction.
The agreement between the two lenders underscores a broader trend across the continent, one in which global banks recalibrate their African operations while homegrown institutions such as Absa expand to meet growing demand for inclusive, digitally driven financial solutions.
