Standard Chartered Bank Uganda has reassured its clients of continued service delivery amidst its closure in the country.

Standard Chartered Bank Uganda is set to close its operations, following its adoption policy on divesting its investments in Uganda, Botswana, and Zambia. The sale process is expected to take 18 to 24 months, pending regulatory approval.

In a statement, issued by Paul M. Sefa-Badu, Head of Wealth and Retail Banking, he assured clients of continued service during the transition. 

“Your deposits remain safe, and you can continue to perform banking transactions as per normal. We will continue to have a strong corporate and investment banking presence in Uganda following the sale of our WRB business, which is expected to take 18-24 months and is subject to regulatory approval,” Badu said.

“This is part of our group’s strategy to concentrate on areas where we can deliver the most value,” he added.

Stanchart’s Wealth and Retail Banking is one that has been catering to the service of local and international banking needs of affluent clients across the banking continuum.

It has been running the portfolio through services such as priority, private, and personal banking, as well as SMEs.

The move aligns with Standard Chartered Group’s global strategy to fund incremental investments in its wealth management services, primarily in markets with high potential for income growth.

A statement from the Group emphasized the shift to serving corporate and institutional clients, with CEO Bill Winters noting that the exits are designed to concentrate resources in regions offering the most distinctive opportunities.

This latest decision builds on the bank’s earlier exit from five other African markets—Angola, Cameroon, Zimbabwe, Gambia, and Sierra Leone—along with Jordan and Lebanon in 2022.

The adjustments reflect a trend among global financial institutions to reassess their African operations.

In 2016, Barclays also reduced its African footprint, citing operational and capital constraints.