Share this article

The Bank of Uganda (BoU) has assured customers of Standard Chartered Bank Uganda (SCB) that their funds are secure after the bank proposed selling its wealth management and retail banking operations in Uganda. This move is part of SCB’s broader strategy to focus on corporate and institutional banking in Africa.

The Bank of Uganda (BoU) has reassured customers of Standard Chartered Bank Uganda Limited that their funds remain secure. In a statement issued on December 2, 2024, the central bank confirmed receiving a proposal from Standard Chartered Bank Uganda Limited regarding the possible sale of its wealth management and retail banking operations in Uganda.

“This proposal aligns with Standard Chartered PLC’s broader strategic focus to enhance its corporate and institutional banking model in Africa,” read the statement by Robert Kenneth Egesa, Director of Communications & Public Relations at BoU. He also noted that the central bank will collaborate closely with Standard Chartered Bank Uganda Limited to ensure the proposed process adheres to all regulatory requirements.

Egesa mentioned that the transition is expected to take 18 to 24 months to complete.

“During this period, the BoU encourages Standard Chartered Bank Uganda Limited’s clients to continue transacting as usual until the process is finalised,” he said. “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. The bank continues to operate soundly, and clients are encouraged to transact with confidence.”