Standard Chartered PLC has announced plans to sell its Wealth and Retail Banking (WRB) businesses in Uganda, Botswana, and Zambia as part of a strategic move to focus on Corporate and Institutional Banking (CIB) in these markets. The transition, subject to regulatory approvals, is expected to take 18 to 24 months.
Speaking at a media briefing, Sanjay Rughani, CEO of Standard Chartered Bank Uganda, emphasized that the bank will maintain its presence in Uganda, prioritizing sectors like infrastructure, sustainable finance, and trade. "We see substantial opportunities in these areas within Uganda and Africa," he said.
Rughani assured customers and stakeholders that the transition would be smooth, urging calm during the process. "We remain open for business; our branches and systems continue to operate as normal. It is business as usual," he stated.
The bank has invested heavily in Uganda in recent years, contributing to the country’s economy. A report by Steward Redqueen highlighted that Standard Chartered supported $896 million in value-added impact, equivalent to 3.5% of Uganda’s GDP, and 491,000 jobs directly and indirectly. The bank has also funded infrastructure projects worth over $1 billion.
Rughani said this divestment follows similar moves in Tanzania and Ivory Coast, where the bank achieved positive outcomes, accelerating the growth of its CIB business. Across Africa, Standard Chartered has invested $300 million over the past five years to upgrade technology platforms and support sustainability, infrastructure, and national development projects.
Rughani explained that the decision aligns with the bank’s strategy to focus on higher-growth, higher-return segments. "We continually review our operations to ensure resources are allocated where we can play to our strengths," he said.
