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The Bank of Uganda (BoU) has reassured customers of Standard Chartered Bank Uganda Limited that their deposits are safe and that they can continue to transact as usual, despite the bank's planned exit from the retail and wealth management businesses.
The central bank announced Monday that it had signed off on the commencement of transition, after receiving a proposal from Standard Chartered Bank Uganda Limited.
The regulator in a statement, assured the public that it will work closely with the bank to ensure a smooth transition and that the proposed process complies with all regulatory requirements.
“During this period, the BoU encourages Standard Chartered Bank Uganda Limited's clients to continue transacting as usual until the process is finalised,” the statement reads in part.
“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.”
Transition to Take 18-24 Months
The transition is expected to take 18 to 24 months to complete, during which time the BoU encourages Standard Chartered Bank Uganda Limited's clients to continue transacting as usual. The bank's management has also assured customers of a structured and transparent transition process.
Business as Usual
The BoU has emphasized 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.
Bank assures
Standard Chartered has also assured customers about the safety of their deposits
Paul M. Sefa-Badu, head of Wealth and Retail Banking, assured clients of continued service during the transition.
"Your deposits remain safe, and you can continue to perform banking transactions as per normal," he said.
"We will continue to have a strong Corporate and Investment Banking presence in Uganda following the sale of our WRB business, which is expected to take 18-24 months and is subject to regulatory approval.