Following Standard Chartered Bank Uganda’s announcement on Wednesday, November 27, 2024, to sell off its wealth management and retail banking operations, Bank of Uganda (BOU) has reassured the public that the process will be handled safely and in full compliance with regulatory requirements.

In a statement issued on Monday, December 2, 2024, by Kenneth Egesa, the Director of Communications & Public Relations at Bank of Uganda, he assured clients that their funds remain secure.

“The BOU assures the public that Standard Chartered Bank Uganda Limited remains fully compliant with all statutory and prudential requirements, including liquidity and solvency standards,” Egesa said.

Read Also: Standard Chartered Bank Assures Clients of Service Delivery Ahead of Closer

He emphasized that despite the ongoing changes, customers can continue banking as usual, with no immediate impact on their transactions.

“The BOU encourages Standard Chartered Bank Uganda Limited’s clients to continue transacting as usual until the process is finalized,” Egesa added.

The move by Standard Chartered Bank Uganda is part of a broader strategy by the bank’s parent company to focus on corporate and institutional banking in Africa. Similar decisions have been made in other markets, including Zambia, Sierra Leone, Botswana, Tanzania, India, and Jordan, where the bank has exited its retail and wealth management businesses.

The transition, which is expected to take between 18 and 24 months, aims to realign Standard Chartered’s business focus in Uganda.

Access Bank, a leading subsidiary of Access Holdings, last week announced the successful acquisition of Standard Chartered’s operations in Angola and Sierra Leone, with ongoing transactions to acquire subsidiaries in Cameroon and the Gambia and consumer, private, and business banking in Tanzania.