Absa Bank Uganda to acquire the wealth and retail banking business from Standard Chartered Bank Uganda.

Absa Bank Uganda, a major commercial bank in Uganda and a subsidiary of the South African-based Absa Group, agreed to acquire the wealth and retail banking business from Standard Chartered Bank Uganda, a prominent commercial bank in Uganda and a subsidiary of the UK-based Standard Chartered. Financial terms were not disclosed. "This acquisition is a significant milestone in our journey to become a market leader in providing innovative, customer-centric financial solutions. It represents an opportunity to welcome new customers and colleagues into the Absa family, while reaffirming our long-term commitment to Uganda’s economic development," David Wandera, Absa Bank Uganda Managing Director.