JUST IN: Access Bank Completes Acquisition Of BancABC Tanzania 

JUST IN: Access Bank Completes Acquisition Of BancABC Tanzania 

Access Bank Plc has successfully acquired African Banking Corporation (BancABC Tanzania), a move that aligns with its strategic expansion plans.

This achievement follows the bank’s initial announcement in July 2023 and brings it closer to its goal of becoming the most respected African bank globally.

Access Bank, in a statement said: “ 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.”

According to John Imani, Managing Director, African Banking Corporation (Tanzania) Limited, the transaction between the Tanzanians and Access Bank PLC brings confidence and new hope and opportunities to employees and stakeholders across Tanzania.

He said l, “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. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”