Uganda: Absa to Acquire Standard Chartered's Retail, Wealth Business
Standard Chartered has agreed to sell its retail and wealth management operations in Uganda to South Africa's Absa Group for an undisclosed amount.
The transaction is part of Standard Chartered's plan to streamline its African portfolio and focus on corporate and investment banking.
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part of Standard Chartered's broader plan to streamline its African portfolio and focus on corporate and investment banking, the deal will see Absa Bank Uganda assume Standard Chartered's retail and wealth customer base, expanding its footprint in the country.
The deal aligns with Absa's Pan-African growth strategy, following similar expansions in East and Southern Africa.
Author's summary: Absa acquires Standard Chartered's Uganda business.