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Access Bank finalizes acquisition of BancABC Tanzania

Posted on by darion

Author: Aduragbemi Omiyale

The acquisition of African Banking Corporation Tanzania Limited by Nigeria’s Access Bank Plc has been finalized after first going public almost a year ago.

Recall that in July 2023, the Nigerian lender said it planned to acquire BancABC Tanzania in an attempt to expand its financial services provision in East Africa and become the most respected African bank in the world.

The bank said it is embarking on a massive expansion to create more significant opportunities in 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.

In a statement, Access Bank said that following the successful acquisition of BancABC Tanzania, the two entities will merge their consumer, private and business banking businesses with Standard Chartered Bank Tanzania to form a new organization called Access Bank Tanzania.

“This strategic move is a significant step towards establishing a railway in Tanzania enabling intra-African trade across the East African region, Africa and the rest of the world.

“This 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,” commented Access Bank CEO, Roosevelt Ogbonna.

His counterpart at BancABC Tanzania, Mr. John Imani, said: “The completion of our transaction with Access Bank not only underlines Access Bank’s strong confidence in our operations and the Tanzanian market, but creates new and exciting opportunities for our customers, employees and stakeholders.

“The new entity aims 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.”