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Access Bank Acquires BancABC Tanzania

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

In a statement released on Monday, Access Bank highlighted this milestone as a significant step towards its ambition of becoming the world’s most respected African bank. The acquisition follows the initial announcement made in July 2023.

Access Bank Building

The statement read, “With the successful acquisition of BancABC Tanzania, its operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania, forming a new entity to be known as Access Bank Tanzania.”

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, commented on the transaction, stating, “This strategic move represents a notable step towards establishing a strong presence in Tanzania, facilitating intra-African trade within the East African region and beyond. It underscores our commitment to building a robust East African banking network and driving positive change and innovation.”

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He added, “We are excited about the opportunities this acquisition presents for our operations in Tanzania and look forward to leveraging our combined strengths to deliver exceptional financial solutions and experiences to our customers.”

John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, also commented on the transaction, saying, “The completion of our transaction with Access Bank not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but also brings new and exciting opportunities for our customers, employees, and stakeholders. T

he 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.”

Chidalu Glory

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