Access Bank Plc has successfully completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, marking another significant milestone in its expansion strategy. This acquisition, initially announced in July 2023, is part of Access Bank’s broader vision to establish a strong foundation in Tanzania for intra-African trade within East Africa and beyond.
Access Bank plans to merge ABCT with the consumer, private, and banking businesses of Standard Chartered Bank Tanzania, creating Access Bank Tanzania. This new entity will prioritize customer satisfaction, financial inclusion, and technological advancement to drive positive change and growth across the country.
Roosevelt Ogbonna, Managing Director of Access Bank, emphasized the strategic importance of this move: “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 ABCT, highlighted the benefits for 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.” This merger promises significant advancements for customers, employees, and stakeholders alike.
This acquisition marks the fourth deal by Access Bank with Atlas Mara, following previous acquisitions in Zambia, Mozambique, Botswana, and Tanzania. Access Bank has been strengthening its foothold in East Africa, including a recent agreement to acquire an 80% stake in Finance Trust Bank in Uganda and plans to buy out National Bank of Kenya for approximately $99.6 million.
In its official announcement, Access Bank stated that ABCT’s acquisition brings it closer to its vision and is significant for its near-term strategy of targeting local, regional, and international revenue opportunities in areas such as trade and payments for East African customers. This strategic move aligns with Access Bank’s mission to drive financial inclusion and innovation across Africa.
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