Access Bank Plc Completes Acquisition of BancABC Tanzania – The Sun Nigeria

Access Bank PLC (the “Bank”) has announced the successful completion of the acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania” or “BancABC”), in line with its strategic expansion objectives. This milestone follows the bank’s initial announcement in July 2023 and marks another step towards becoming the most respected African bank in the world.

Following the successful acquisition of BancABC Tanzania by the Bank, BancABC’s business will, on completion, be merged with Standard Chartered Bank Tanzania’s consumer, private and business banking operations to form a new entity to be known as Access Bank Tanzania.

This strengthens our aspiration to be a strong player in the East African region, while increasing the depth and breadth of our business in Africa, creating more significant opportunities for financial inclusion, a diversified product range and improved customer service. Access Bank’s presence in over 22 countries provides a solid platform that can be leveraged to boost trade and payments within and between Africa.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank, commented on the transaction, saying: “This strategic move represents a significant step towards the construction of a railway in Tanzania enabling intra-African trade in the East African region, Africa and the rest of Africa. world. It underlines our commitment to creating a robust banking network in East Africa, driving positive change and innovation.

“We are excited about the opportunities this acquisition creates for our business in Tanzania and look forward to leveraging our combined strengths to provide our customers with exceptional financial solutions and experiences.”

Commenting on the transaction, John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, said: “The completion of our transaction with Access Bank not only underlines Access Bank’s strong confidence in our business and the Tanzanian market, but brings new and exciting opportunities for our customers, employees and stakeholders. The new entity intends to enhance our service offering, leveraging Access Bank’s extensive resources and expertise to deliver even greater value to our customers. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.