Nigeria: Access Bank fulfills legal requirements to acquire BancABC Tanzania

Access Bank PLC (“Access Bank”) has successfully completed the acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania” or “BancABC”) following the fulfillment of all legal and regulatory requirements.

With the acquisition finalized, Access Bank will enhance its presence in East Africa, with the Tanzanian entity operating under the name Access Bank Tanzania Limited.

This milestone builds on Access Bank’s recent acquisition of the business, private, and consumer banking divisions of Standard Chartered Bank Tanzania.

Leveraging the support of its parent company, Access Bank Plc, along with its own strengths, the newly established Access Bank Tanzania will offer a comprehensive range of financial solutions aimed at boosting Tanzania’s economy.

Executive Director of Access Bank Plc’s African Subsidiaries, Seyi Kumapayi, commented on this noteworthy accomplishment, saying, “This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development.”

By incorporating BancABC Tanzania into the Access Bank Group, we will be better equipped to offer our clients a wider range of creative and inventive financial solutions to satisfy their changing needs. Our objective is to improve access to banking services and financial opportunities for local communities, particularly women and youth, while simultaneously promoting increased trade between and within Africa.

Access Bank Tanzania’s managing director, John Imani, added his viewpoint, saying, “We are thrilled to formally join the Access Bank family. As we combine the finest aspects of both organizations to build a stronger, more competitive bank that will better serve our clients, this signals the start of a new chapter in our operations.

“Access Bank Tanzania customers will benefit from banking with an institution that possesses a world-class payment gateway supported by a dynamic ecosystem of local and international partnerships with the conclusion of the acquisition.”