Access Bank Completes BancABC Tanzania Acquisition, Consolidates Operations In East Africa

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

The Bank hinted at the acquisition plan in July 2023 and the completion marks yet another step in its journey to become the world’s most respected African Bank.

With this development, 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 known as Access Bank Tanzania.

This furthers its 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.

Roosevelt Ogbonna, Access Bank’s Managing Director stated, “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, 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.”

Access Bank is committed to enhancing customer satisfaction and brings with it a robust suite of offerings to foster the aspirations of its customers.