Business a.m.
Access Bank plc has continued its upscale African expansion with the finalisation of the acquisition of African Banking Corporation Limited (BancABC) Tanzania, thus extending its footprint on the continent and strengthening its position as a leading Pan-African financial services group.
This development follows the initial announcement of the acquisition in July 2023 and exemplifies the bank’s commitment to fostering African growth, as it forges ahead in its mission to deliver outstanding, customer-centric banking solutions across the continent.
Access Bank further detailed the post-acquisition plans, affirming that BancABC Tanzania’s operations would be absorbed into Standard Chartered Bank, Tanzania’s consumer, private, and business banking sectors.
The union of these entities will lead to the establishment of Access Bank Tanzania, a newly formed entity that will leverage the combined strengths and expertise of Access Bank and Standard Chartered Bank, Tanzania to drive innovation, growth, and market leadership in Tanzania’s banking sector.
Access Bank highlighted that the BancABC Tanzania acquisition not only enhances its presence in East Africa but also augments its status as a formidable Pan-African financial institution.
The bank expressed optimism that the move will result in greater opportunities for financial inclusion, a diversified product range, and improved customer experiences, thereby strengthening its position as a leader in African banking and financial services.
The bank stated further that its extensive network across 22 countries serves as a robust platform to facilitate seamless intra and inter Africa trade and payments.
Roosevelt Ogbonna, Access Bank’s managing director and chief executive officer lauded the acquisition as a pivotal step in setting the groundwork for efficient and seamless intra-African trade within East Africa, Africa, and beyond.
Ogbonna stated further that the development underscores the bank’s 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,” he added.
John Imani, the managing director of African Banking Corporation (Tanzania) Limited, added his perspective on the transaction, highlighting Access Bank’s confidence in its operations and the Tanzanian market, as well as the opportunities that the union brings to BancABC Tanzania’s clients, employees, and stakeholders.
He added: “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.”
