Standard Chartered weighs selling its Retail Business in Uganda



Standard Chartered PLC has announced that it is exploring the potential sales of its Wealth & Retail Banking (WRB) businesses in Uganda, Botswana, and Zambia. The Group will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients.  

According to Sanjay Rughani the Standard Chartered Bank Uganda Chief Executive Officer, subject to regulatory approvals, they will exit the Wealth and Retail Banking business in Uganda.

“Yesterday we announced that we are exploring WRB business sales in Uganda, Botswana and Zambia. As a result, we intend to exit from our WRB business in Uganda, subject to regulatory approvals. 

“Standard Chartered will remain in Uganda, with a sole focus on our Corporate and Institutional Banking (CIB) business. We see substantial opportunities in infrastructure, sustainable finance, and trade, reinforcing our commitment to these areas within Uganda and, indeed Africa,” said Rughani while addressing Journalists in Kampala.

He further stated that they are taking a phased approach and the process is expected to take between 18 to 24 months to complete.

“Therefore, we urge the public and our customers to remain calm. We remain open for business; our branches and systems continue to work as normal – it is business as usual.

“In addition, we are committed to managing this process in partnership with our key stakeholders to minimise disruption for clients. We will keep our stakeholders fully informed as this process goes on,” stressed Rughani. 

Rughani added that Standard Chartered Bank continually reviews its operations to ensure that they concentrate resources where they have the most distinctive client proposition. He said the sale of their WRB business will allow them to focus their resources where they can play to their strengths and best serve the cross-border needs of their CIB clients. 

He stated that as a Bank, they have invested heavily in recent years in Uganda and indeed, Africa, which remains core to their global network.

In a recent impact report by Steward Redqueen, the findings revealed that Standard Chartered Bank Uganda has over the years supported $896 million in value-added impact in Uganda (3.5% of GDP) and supported 491,000 jobs directly and indirectly. More recently, the Bank has funded infrastructure projects worth over $1billion.

Standard Chartered Bank has in the past divested in other markets like Tanzania and Ivory Coast and the outcome for both the Business and Bank colleagues has been very positive as it has accelerated the growth of the Corporate and Institutional Banking Business.

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