Nigeria: Access Bank attains BankABC Tanzania

By InstinctBusiness Jun 11, 20240

Access Bank Plc has announced the successful acquisition of African Banking Corporation (Tanzania) Limited, aligning with its strategic goals for expansion.

In a statement released on Monday, Access Bank confirmed that this milestone follows its initial announcement in July 2023. This acquisition marks another significant step in the bank’s journey to becoming the world’s most respected African bank.

The statement read, “With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now 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.”

Access Bank’s Managing Director/Chief Executive Officer, Roosevelt Ogbonna, remarked on the acquisition, stating, “This strategic move signifies a crucial advancement in establishing a gateway in Tanzania for intra-African trade, benefiting the East African region, the continent, and global markets.”

“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, John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, stated, “The completion of our transaction with Access Bank highlights Access Bank’s strong confidence in our operations and the Tanzanian market. It also 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.”