Tanzania: Access Bank Completes Acquisition of BancABC Tanzania

Access Bank Completes Acquisition of BancABC Tanzania
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Access Bank Plc has announced the successful acquisition of African Banking Corporation (Tanzania) Limited, commonly known as BancABC Tanzania, aligning with its strategic expansion goals.

This milestone, initially announced in July 2023, marks a significant step in Access Bank’s mission to become the world’s most respected African bank.

In a statement, Access Bank revealed, “With the successful acquisition of BancABC Tanzania, BancABC operations will now merge with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania upon completion, forming a new entity known as Access Bank Tanzania.”

Roosevelt Ogbonna, Access Bank’s Managing Director/Chief Executive Officer, commented on the acquisition, stating, “This strategic move represents a notable step towards establishing a robust presence in Tanzania, facilitating intra-African trade within the East African region, and extending our reach across Africa and the world. It underscores our commitment to building a strong East African banking network and 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,” Ogbonna added.

John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, also expressed enthusiasm for 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. The 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.”

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