Access Bank Plc has successfully finalized the acquisition of African Banking Corporation (Tanzania) Limited as part of its strategic expansion efforts, the bank announced on Monday.
The completion of the acquisition, following an initial announcement made in July 2023, marks a significant milestone for Access Bank and reinforces its commitment to becoming the world’s most respected African Bank.
In a statement, Access Bank revealed that BancABC operations will be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania to form a new entity, Access Bank Tanzania.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, expressed enthusiasm about the transaction, stating, “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.”
Ogbonna highlighted the opportunities the acquisition presents for Access Bank’s operations in Tanzania and emphasized leveraging combined strengths to deliver exceptional financial solutions and experiences to customers.
John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, commented on the transaction, stating, “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.”
Imani expressed optimism about the new entity’s ability to enhance service offerings, leveraging Access Bank’s extensive resources and expertise to deliver greater value to clients.