Absa Bank Uganda buys retail, wealth business from rival
NAIROBI, Kenya, Oct 24 - Absa Bank Uganda has signed an agreement to acquire Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) business Kenya breaking news | Kenya news today |..
✨ Key Highlights
Absa Bank Uganda has signed an agreement to acquire the Wealth and Retail Banking business from Standard Chartered Bank Uganda, a move that will expand Absa's presence in the country's financial sector.
- The acquisition will transfer all Standard Chartered WRB clients and staff to Absa.
- Charles Russon, Absa Group Executive for Africa Regions, highlighted this as strengthening Absa's position in Uganda and supporting its pan-African growth strategy.
- Standard Chartered Uganda's decision aligns with its global strategy to focus on corporate and investment banking operations.
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Absa Bank Uganda Buys StanChart Unit; PZ Cussons Invests Sh150mn in Kenya; China Boosts Ethiopian Coffee Imports - October 2025
Several significant business deals have been announced across Africa. In Uganda, Absa Bank Uganda has signed an agreement to acquire the Wealth and Retail Banking business from Standard Chartered Bank Uganda, a move that will expand Absa's presence. In Kenya, PZ Cussons East Africa announced a significant investment of Sh150 million over the next year to enhance its local operations, including production and innovation to engage younger consumers. On the trade front, China has become the fourth-largest importer of Ethiopian coffee. This represents a significant jump from its seventh-place ranking two years prior, driven by a substantial increase in exports during the first quarter of Ethiopia's current fiscal year.
