KAMPALA, Uganda — After 112 years of operation in Uganda, Standard Chartered Bank has announced plans to exit the market by divesting its Wealth and Retail Banking operations.
The decision is part of the bank’s global strategy to refocus on its affluent client base and redirect resources towards areas where it can offer the most distinctive services.
“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.
Despite its exit from the retail market, the bank plans to continue serving the cross-border needs of global corporate and financial institution clients in Uganda.
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 was established in 1912, making it the longest established commercial bank in Uganda. The bank 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.
