Access Bank Acquires African Banking Corporation Tanzania

Date:

Agency Report

Access Bank Plc has finally completed the acquisition of African Banking Corporation (Tanzania) Limited ,BancABC Tanzania, the company disclosed on Monday.

The long-awaited deal was initially announced in July 2023 as part of its expansion strategy.

The bank believes the completion marks another step in its journey to become the world’s most respected African bank.

Access said with the successful acquisition of BancABC Tanzania, the operations of the acquired bank would be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new entity to be known as Access Bank Tanzania.

The lnder said the deal would promote its aspiration to be a strong player within the East Africa region while adding greater depth and breadth to Access Bank’s pan African operations.

Access Bank noted that its presence in over 22 countries presents a robust platform that could be leveraged to boost intra and inter-Africa trade and payments.

Access Bank’s Managing Director/Chief Executive Officer, Roosevelt Ogbonna said the “Strategic move represents a notable step towards setting a railroad in Tanzania for intra-African trade within the East African region, Africa and the rest of the world. It underscores our commitment to creating a robust East African banking network, driving positive change and innovation.

“We are excited about the opportunities this acquisition presents for our operations in Tanzania and are eager to leverage our combined strengths to deliver exceptional financial solutions and experiences to our customers.”

Commenting on the transaction, the Managing Director, African Banking Corporation (Tanzania) Limited, John Imani, said, “The completion of our transaction with Access Bank, not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but brings new and exciting opportunities for our customers, employees, and stakeholders.

“The new entity is poised to enhance our service offerings, leveraging Access Bank’s extensive resources and expertise to deliver even greater value to our clients. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania”.

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