Access Bank has announced the successful completion of its acquisition of BancABC Tanzania.
The purchase is in line with the strategic expansion goals of Nigeria-based Access. It follows the bank’s initial announcement in July 2023 and marks another step in its efforts to become one of the world’s most respected African banks.
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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.
Acquisition furthers Access’ aspirations in Africa
The deal adds greater depth and breadth to Access Bank’s pan-African operations, creating more significant opportunities for financial inclusion, diversified product range and enhanced customer experience. Access’ presence in over 22 countries presents a robust platform that can be leveraged to boost intra and inter Africa trade and payments.
Roosevelt Ogbonna, Access Bank’s managing director/chief executive officer, commented: “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.”
John Imani, managing director at African Banking Corporation (Tanzania) Limited, 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.”
