Absa Acquires Standard Chartered Uganda's Retail & Wealth Unit
Absa Bank Uganda has acquired Standard Chartered's retail and wealth banking operations, boosting its market presence while Standard Chartered focuses on corporate and institutional banking.
Simon Mwebaze, Managing Director at Cornerstone Asset Managers, joins CNBC Africa to discuss the acquisition, stating it was anticipated after Standard Chartered's strategic repositioning announcements in 2022.
This move is a significant development in the Ugandan banking landscape, as it sees Absa strengthening its foothold and positioning itself as a formidable player in the sector.
Author's summary: Absa bolsters market presence in Uganda.
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