Access Bank acquires Tanzanian bank

Access Bank Plc has completed the acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania or BancABC), in line with its strategic expansion goals.

Access Bank announced this in a statement on Monday, June 10, 2024.

The bank noted that with the acquisition of BancABC Tanzania, 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.

It added: “This furthers our aspiration to be a strong player within the East Africa region, while adding greater depth and breadth to our pan African operations creating more significant opportunities for financial inclusion, diversified product range and enhanced customer experience.

“Access Bank’s presence in over 22 countries presents a robust platform that can be leveraged to boost intra and inter Africa trade and payments.”

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Speaking on the acquisition, Access Bank’s Managing Director/Chief Executive Officer Roosevelt Ogbonna said: “This 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.”

Also commenting, the Managing Director of BancABC Tanzania, 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.”

The Star