Standard Chartered Bank has announced its decision to exit its Wealth and Retail Banking (WRB) business in Uganda, ending 112 years of operation in this segment.
The move reflects the bank’s global strategy to reallocate resources toward high-growth markets and clients. Paul M. Sefa-Badu, Head of Wealth and Retail Banking, explained the decision as part of actions aimed at concentrating on areas where the bank has the most distinctive client proposition.
“In order to better support our clients, we intend to explore the sale of our Wealth and Retail Banking Business (WRB) in Uganda,” Sefa-Badu said.
This development follows the bank’s October announcement during its third-quarter earnings that it would consider selling operations where the strategic rationale is not sufficiently compelling. Similar plans have been announced for Botswana and Zambia, signaling a broader regional restructuring.
The transition, which is expected to take 18 to 24 months, has caused anxiety among clients in Uganda. However, Standard Chartered has assured customers that their deposits remain safe and that banking operations will continue as usual during the process.
“Your deposits remain safe, and you can continue to perform banking transactions as per normal,” the bank said in a statement, adding that its corporate and investment banking services in Uganda will remain operational, subject to regulatory approval.
The bank’s decision is part of a global strategy to focus on affluent individual clients and cross-border corporate and financial institution customers, areas seen as yielding higher returns. Standard Chartered, like other international lenders such as HSBC, is restructuring its business to align with strong economic growth in Asia while scaling back broader international operations.
This exit marks a significant shift in Uganda’s financial landscape, where Standard Chartered has been a trusted presence for over a century. While the bank seeks to ensure a seamless transition, the move opens opportunities for other financial institutions to capture the market share left behind, potentially reshaping the competitive dynamics of Uganda’s banking sector.
As Standard Chartered realigns its operations, it remains committed to balancing its global strategic goals with ensuring continuity and confidence for its Ugandan clients during the transition.
