For everyday customers, this means that those with savings accounts, personal loans, or investment accounts at Standard Chartered will soon become Absa clients. The staff who manage these services will also move to Absa, ensuring continuity and support during the transition.
Standard Chartered will remain in Uganda but will now focus on Corporate and Investment Banking, serving mainly large companies, government agencies, and international organisations. In this space, it operates alongside banks such as Citibank and Bank of China, which also concentrate on corporate clients rather than individual consumers.
For Absa, the agreement could be seen as that important step in the bank’s growth, building on its experience from 2018 when it took over Barclays Bank’s retail operations across Africa, including Uganda. This deal demonstrates Absa’s continued commitment to expanding services and reaching more customers in the country. Analysts note that the deal reflects a broader trend in African banking, with global banks retreating from small-scale retail operations while regional banks like Absa step in to fill the gap.
Both Absa and Standard Chartered Bank have promised that customers will not lose access to their money or accounts during the transfer. They also assured that all services will continue smoothly until everything is finalised. This reassurance comes as many Standard Chartered customers online reflect on what they will miss about the bank, including its reliable service, clear processes, and attentive staff. With Absa now taking over, the natural question for these customers is whether they will receive the same level of service and support going forward, especially regarding Standard Chartered’s digital platforms, including its mobile app and online banking.
The deal is still subject to approval by the Bank of Uganda and other regulators before it can be fully implemented.
