Access Bank has expanded its footprint in East Africa with the acquisition of Tanzania’s African Banking Corporation (BancABC Tanzania), a move aimed at bolstering its regional presence and enhancing customer offerings.
Upon completion of the acquisition, BancABC Tanzania will merge its operations with Standard Chartered Bank Tanzania’s consumer, private, and business banking units to form Access Bank Tanzania.
Access Bank CEO, Roosevelt Ogbonna, expressed excitement about the acquisition, highlighting the strategic opportunities it presents for the bank’s operations in Tanzania. He emphasized the bank’s commitment to leveraging combined strengths to deliver exceptional financial solutions and experiences to customers.
John Imani, Managing Director of African Banking Corporation, noted that the acquisition is set to revolutionize Tanzania’s banking landscape. He expressed confidence that the new entity, Access Bank Tanzania, will enhance service offerings and deliver greater value to clients, leveraging Access Bank’s extensive resources and expertise.
“This acquisition is aligned with our strategic goals of ensuring financial inclusion, a diversified product range, and an enhanced customer experience,” Ogbonna added.
Access Bank has been actively expanding its presence across Africa, with operations now spanning over 22 countries. In 2020, the Nigerian lender received approval from the Central Bank of Kenya to acquire a 100% stake in Transnational Bank, further solidifying its position as a key player in the region.
“We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania,” Imani said.
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