Access Bank Plc has announced the successful acquisition of African Banking Corporation (Tanzania) Limited, aligning with its strategic expansion objectives.
In a statement on Monday, Access Bank highlighted that this significant milestone follows its initial announcement in July 2023 and marks another step towards its goal of becoming the world’s most respected African bank.
The statement read, “With the acquisition of BancABC Tanzania, its operations will now merge with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania to form a new entity known as Access Bank Tanzania.”
Roosevelt Ogbonna, Access Bank’s Managing Director/Chief Executive Officer, remarked, “This strategic move is a notable step towards establishing a foundation in Tanzania for intra-African trade within the East African region, Africa, and globally. 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 of African Banking Corporation (Tanzania) Limited, added, “The completion of our transaction with Access Bank highlights their strong confidence in our operations and the Tanzanian market, bringing new and exciting opportunities for our customers, employees, and stakeholders. The new entity is poised to enhance our service offerings by 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.”
