The Bank of Uganda (BoU) has received a proposal from Standard Chartered Bank Uganda Limited to potentially exit its wealth management and retail banking operations. The move is part of Standard Chartered PLC’s broader strategy to enhance its corporate and institutional banking focus across Africa.
In a statement, the BoU announced it would closely collaborate with Standard Chartered Uganda to ensure the proposed process complies with all regulatory standards. The transition, expected to take 18 to 24 months, will undergo thorough oversight to protect clients and maintain market stability.
“The BoU will work closely with Standard Chartered Bank Uganda Limited to ensure the proposed process complies with all regulatory requirements,” the regulator said. It encouraged clients to continue transacting as usual, affirming that the bank remains operationally sound during the review process.
The central bank also reassured stakeholders of Standard Chartered Uganda’s adherence to statutory and prudential guidelines, including liquidity and solvency standards. “The bank continues to operate soundly, and clients are encouraged to transact with confidence until the process is finalized,” the BoU emphasized.
The proposal is seen as part of Standard Chartered’s effort to align its operations with evolving market demands, focusing on corporate and institutional clients. This realignment could redefine Uganda’s banking landscape, given Standard Chartered’s long-standing presence in retail banking.
The BoU noted that regulatory scrutiny will be paramount to safeguard client interests while ensuring compliance with financial standards.
