Standard Chartered Bank Uganda (StanChart) has agreed to sell its wealth and retail banking business to Absa Bank Uganda. This move aligns with StanChart's global strategy to focus resources where it offers the most distinctive client propositions, while Absa aims to strengthen its presence in Uganda's financial sector.

• All StanChart wealth and retail banking (WRB) clients and employees will transfer to Absa.
• The transaction is subject to regulatory approvals.
• StanChart's corporate and investment banking business in Uganda will remain unaffected.
• The agreement was signed by StanChart Kenya and Africa CEO Kariuki Ngari, StanChart Uganda MD Sanjay Rughani, and Absa Bank Uganda Managing Director David Wandera.