In a bold move to strengthen its position in East Africa, Access Bank Plc has announced the successful acquisition of African Banking Corporation (Tanzania) Limited, popularly known as BancABC Tanzania. This strategic expansion is set to create a formidable presence in Tanzania, merging BancABC’s operations with Standard Chartered Bank Tanzania to form the new Access Bank Tanzania.
Announced initially in July 2023, this acquisition marks a significant milestone in Access Bank’s journey toward becoming the world’s most respected African bank. The deal underscores the bank’s ambitious vision of creating a robust intra-African trade network and enhancing financial services across the continent.
“This strategic move signifies a crucial advancement in establishing a gateway in Tanzania for intra-African trade, benefiting the East African region, the continent, and global markets,” said Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank. “It underscores our commitment to creating a robust East African banking network, driving positive change and innovation.”
Ogbonna expressed enthusiasm about the future, highlighting the potential for growth 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, Managing Director of BancABC Tanzania, echoed Ogbonna’s sentiments, highlighting the transformative potential of this acquisition. “The completion of our transaction with Access Bank highlights Access Bank’s strong confidence in our operations and the Tanzanian market. It also brings new and exciting opportunities for our customers, employees, and stakeholders,” Imani remarked. “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.”
The newly formed Access Bank Tanzania is poised to drive economic growth and financial inclusion across the region. With Access Bank’s extensive resources and innovative approach, the new entity aims to deliver superior banking experiences and tailored financial solutions to meet the diverse needs of its customers.
This acquisition is more than just a business transaction; it’s a strategic move to foster economic development and innovation in East Africa. By merging with BancABC and Standard Chartered Bank Tanzania, Access Bank is positioning itself as a central player in the region’s financial ecosystem.
As the integration process begins, customers and stakeholders of both BancABC and Standard Chartered Bank Tanzania can look forward to enhanced services and an expanded array of financial solutions. Access Bank’s commitment to leveraging technology and innovation promises to bring transformative changes to the Tanzanian banking landscape.
Access Bank’s vision for the future is to be at the forefront of banking excellence in Africa, driving positive change and economic growth across the continent. This acquisition is a significant step toward realizing that vision, setting the stage for a new era of banking in Tanzania and beyond.
