Absa Bank Uganda is set to control up to 30 per cent of the country’s retail deposits after completing its takeover of Standard Chartered’s wealth and retail banking business.
The transaction, completed on November 13, transfers Standard Chartered Uganda’s Wealth and Retail Banking business to Absa, including its customers, products and employees.
An assessment by the Common Market for Eastern and Southern Africa (COMESA) Competition Commission projected that the combined business would account for between 20 and 30 per cent of Uganda’s retail deposit market and 10 to 20 per cent of retail lending.
The acquisition strengthens Absa’s position in Uganda’s banking industry by giving it access to an established customer base and wealth management portfolio.
It also places the lender in closer competition with established players such as Stanbic Bank Uganda and Centenary Bank.
Customers will begin accessing their Absa accounts, cards and digital banking platforms from November 16.
The migration and integration of banking services will take place over the weekend of November 13-15.
The regional competition regulator approved the transaction without conditions after assessing its potential effect on competition in the banking market.
The Bank of Uganda also granted regulatory approval in June 2026.
For Standard Chartered, the transaction marks its withdrawal from Uganda’s retail and wealth banking segments.
