Summary:
- Kenneth Egesa, the Director of Communications and Public Relations at the Bank of Uganda, stated that the central bank will collaborate closely with Standard Chartered Bank Uganda Limited to ensure the process adheres to all regulatory requirements.
KAMPALA: The Bank of Uganda has received a proposal from Standard Chartered Bank Uganda Limited regarding the potential sale of its wealth management and retail banking operations in Uganda.
This move aligns with Standard Chartered PLC’s broader strategy to refocus on strengthening its corporate and institutional banking services across Africa.
Kenneth Egesa, the Director of Communications and Public Relations at the Bank of Uganda, stated that the central bank will collaborate closely with Standard Chartered Bank Uganda Limited to ensure the process adheres to all regulatory requirements.
“The transition is expected to take 18 to 24 months to complete. During this period, the Bank of Uganda encourages Standard Chartered Bank Uganda Limited’s clients to continue transacting as usual until the process is finalized,” Egesa said.
He further assured the public that Standard Chartered Bank Uganda Limited remains fully compliant with statutory and prudential requirements, including liquidity and solvency standards.
“The bank continues to operate soundly, and clients are encouraged to transact with confidence,” he added.
