Access Bank Finalises BancABC Tanzania Acquisition

June 11, 2024
Access Bank stocks

By Aduragbemi Omiyale

The acquisition of African Banking Corporation Tanzania Limited by Nigeria’s Access Bank Plc has been concluded after it was first made public almost a year ago.

Recall that in July 2023, the Nigerian lender said it was planning to take over BancABC Tanzania in a bid to expand its financial services delivery in East Africa and become the world’s most respected African Bank.

The bank said it was embarking on a massive expansion drive to create 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.

In a statement, Access Bank said with the successful acquisition of BancABC Tanzania, both entities will merge their operations with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new organisation to be called Access Bank Tanzania.

“This strategic move represents a notable step towards setting up 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,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, commented.

His counterpart at BancABC Tanzania, Mr John Imani, 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.

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

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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