Roosevelt Ogbonna
Access Bank PLC has announced the successful completion of its acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania” or “BancABC”), in line with its strategic expansion goals.
This milestone follows the Bank’s initial announcement in July 2023 and marks yet another step in its journey to become the world’s most respected African Bank.
With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new, entity to be known as Access Bank Tanzania.
This furthers our aspiration to be a strong player within the East Africa region, while adding greater depth and breadth to our pan African operations creating more significant opportunities for financial inclusion, diversified product range and enhanced customer experience.
Access Bank’s presence in over 22 countries presents a robust platform that can be leveraged to boost intra and inter Africa trade and payments.
Access Bank’s Managing Director/Chief Executive Officer, Roosevelt Ogbonna, said, “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.
“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.”
Commenting on the transaction, John Imani, Managing Director, African Banking Corporation (Tanzania) Limited, said, “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, leveraging Access Bank’s extensive resources and expertise to deliver even greater value to our clients.”
Managing Director of Access Bank Ghana, Olumide Olatunji, sharing his thought on this strategic consolidation said; “the completion of Access Bank’s acquisition of BancABC Tanzania, marks a significant milestone in our African and global expansion strategy. This consolidation underscores our commitment to fostering economic growth and financial inclusion across the continent.
By enhancing our footprint in East Africa, we aim to contribute significantly to the GDP of Tanzania and the broader African economy, driving sustainable development and prosperity for millions. Our mandate is to leverage this strategic expansion to deliver unparalleled value and innovative banking solutions to our customers, reinforcing our position as a leading financial institution in Africa.”
A Business Desk Report