Access Bank Plc has successfully completed its acquisition of African Banking Corporation (Tanzania) Limited, known as BancABC Tanzania, as part of its plan to expand. This achievement follows the Bank’s initial announcement in July 2023 and brings them closer to their goal of becoming the most respected African Bank in the world.
In a statement, Access Bank said that with the successful acquisition of BancABC Tanzania, its operations will be merged with Standard Chartered Bank Tanzania’s consumer, private, and business banking sectors to create a new entity called Access Bank Tanzania.
Roosevelt Ogbonna, Access Bank’s Managing Director and CEO, commented that this strategic move is an important step towards facilitating trade within East Africa, the rest of Africa, and globally. It highlights their commitment to building a strong East African banking network and fostering positive change and innovation.
He added that they are excited about the opportunities this acquisition brings to their operations in Tanzania and look forward to combining their strengths to offer outstanding financial solutions and experiences to their customers.
John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, also commented on the transaction. He said that this acquisition shows Access Bank’s strong confidence in their operations and the Tanzanian market. It also brings new opportunities for their customers, employees, and stakeholders. The new entity aims to enhance service offerings by leveraging Access Bank’s vast resources and expertise, promising a bright and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.
