Uganda’s central bank has approved the sale of Standard Chartered Bank’s wealth and retail banking business to Absa, clearing a key regulatory hurdle for a transaction aimed at reshaping the country’s banking landscape.

In a notice to customers on Monday, StanChart said the transaction “has received the necessary regulatory approval from Bank of Uganda,” allowing the two lenders to move to the next phase of the acquisition process.

The deal, announced in October 2025, will see Absa take over StanChart’s retail banking portfolio, wealth and affluent client relationships, retail products, assets and customer balances linked to those businesses.“With the regulatory approval now secured, we will progress to the next phase of the transaction process,” said Paul Sefa-Badu, Standard Chartered Bank Uganda’s Head of Wealth and Retail Banking, in a statement to customers.

The transaction forms part of the London-headquartered lender’s strategy to streamline its African operations by exiting selected consumer banking segments and concentrating on higher-return business lines.

For Absa, the approval strengthens its position in Uganda’s banking sector and paves the way for the expansion of its retail and wealth management franchise.

At this stage, StanChart said there will be no immediate changes to day-to-day operations, customer services or banking systems. However, the regulator’s approval enables Absa and Standard Chartered teams to begin working on integration planning and operational alignment ahead of the transfer of the business.

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