Access Bank Completes Acquisition of BancABC Tanzania
*Dar es Salaam, June 12, 2024* – Access Bank PLC has officially announced the successful acquisition of African Banking Corporation (Tanzania) Limited, known as BancABC Tanzania. This acquisition aligns with Access Bank’s strategic expansion goals and follows the initial announcement made in July 2023. This milestone is a significant step towards Access Bank’s vision of becoming the most respected African bank globally.
The integration of BancABC Tanzania into Access Bank will lead to the formation of Access Bank Tanzania. This new entity will merge BancABC’s operations with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania.
“This strategic move represents a notable step towards establishing a stronghold in Tanzania for intra-African trade within East Africa and beyond. It underscores our commitment to creating a robust East African banking network and driving positive change and innovation,” said Roosevelt Ogbonna, Managing Director and CEO of Access Bank. “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.”
John Imani, Managing Director of BancABC Tanzania, expressed enthusiasm about the merger. “The completion of our transaction with Access Bank underscores their strong confidence in our operations and the Tanzanian market. It 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 a prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”
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Access Bank operates in over 22 countries, providing a robust platform to boost intra and inter-African trade and payments. The acquisition of BancABC Tanzania enhances Access Bank’s position as a key player in the East African financial landscape, creating more opportunities for financial inclusion and delivering a diversified range of products and enhanced customer experiences.
For more information, visit [Access Bank’s official website](#).
*Source: Access Bank*
