Standard Chartered has agreed to sell its wealth and retail banking business in Uganda to South African lender Absa Group for an undisclosed amount, the companies said on Friday.
Standard Chartered said last year it was looking to exit its wealth and retail banking operations in Botswana, Uganda and Zambia to focus on more profitable segments, as it overhauls its business under CEO Bill Winters.
Absa Bank Uganda will take over Standard Chartered's retail and wealth management portfolio in the country, while the Asia-focused bank will retain its corporate and investment banking arm there.