Access Bank Plc has announced that it has successfully completed the acquisition of African Banking Corporation (Tanzania) Limited in line with its strategic expansion goals.
Access Bank, in a statement on Monday, stated that the milestone achieved by the bank follows the its initial announcement in July 2023 and marks yet another step in its journey to become the world’s most respected African Bank.
The statement read, “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.”
Access Bank’s Managing Director/Chief Executive Officer, Roosevelt Ogbonna, commented on the transaction, saying, ‘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, Managing Director, African Banking Corporation (Tanzania) Limited, John Imani, said, “The completion of our transaction with Access Bank, not only underscores the 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.
“We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”
