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Access Bank Completes Acquisition Of BancABC Tanzania

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Access Bank Completes Acquisition Of BancABC Tanzania

In keeping with its strategic expansion objectives, Access Bank Plc has announced the successful completion of its acquisition of African Banking Corporation (Tanzania) Limited, often known as “BancABC Tanzania” or “BancABC.”

This significant achievement comes after the Bank’s first announcement in July 2023 and is a further step in its quest to become the most reputable African bank globally.

Following the Bank’s successful acquisition of BancABC Tanzania, BancABC activities will now be combined, upon completion, with Standard Chartered Bank Tanzania’s consumer, private, and business banking operations to create a new company that will be called as Access Bank Tanzania.

This furthers the bank’s 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.

In response to the deal, Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank, 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.”

Commenting on the transaction, 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.”

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