Access Bank PLC has announced the successful completion of its acquisition of African Banking Corporation (Tanzania) Limited, known as BancABC Tanzania. This move aligns with Access Bank's strategic expansion goals and marks a significant step in its journey to become a globally respected African bank.
Following this acquisition, BancABC operations will merge with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania. The new entity formed from this merger will be named Access Bank Tanzania.
Roosevelt Ogbonna, Managing Director/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."
Ogbonna added that the acquisition presents significant opportunities for their operations in Tanzania and aims to leverage 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: “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.”
Access Bank operates in over 22 countries, providing a platform that can boost intra- and inter-Africa trade and payments. The bank remains committed to enhancing customer satisfaction through its diversified product range.
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