Standard Chartered Plc is selling its Wealth and Retail Banking (WRB) business in Uganda to South Africa’s Absa Group as part of the UK multinational’s strategy to streamline its operations across Africa and focus on more profitable segments.
The agreement, signed on Friday between Standard Chartered Bank Uganda and Absa Bank Uganda, will see the transfer of all WRB clients and staff to Absa. Both banks have committed to working closely over the coming months to ensure a smooth and seamless transition for all stakeholders.
