KAMPALA, Uganda — Standard Chartered Bank has announced plans to exit the Ugandan market, bringing an end to 112 years of operation in the country.
The bank, which was established in Uganda in 1912, has been a major player in the country’s banking sector. However, in a statement, the bank said it had decided to divest its Wealth and Retail Banking operations in Uganda as part of its global strategy to refocus on its affluent client base.
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“We have been assessing our global business model and are taking actions to allocate resources more efficiently,” said Standard Chartered’s Group Chief Executive, Bill Winters.
The bank plans to continue serving the cross-border needs of global corporate and financial institution clients in Uganda, despite its exit from the retail market.
The move is seen as a strategic shift by Standard Chartered to optimize its portfolio and enhance its wealth management business.
Standard Chartered Bank Uganda Limited has 11 branches across the country and employs hundreds of people. The bank’s exit from the Ugandan market is expected to have significant implications for the country’s banking sector.
The bank has not disclosed the potential buyers or the terms of the sale. The financial impact of the divestiture is reported to be immaterial to the Group’s overall finances.
