Access Bank buys Tanzania bank, CEO shares excitement

Access Bank Plc has completed the acquisition of African Banking Corporation (Tanzania) Limited.

This was disclosed in a statement on Monday, June 10 as the bank says the move aligns with its strategic expansion goals to become the world’s most respected African bank.

The statement reads: “With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new, entity to be known as Access Bank Tanzania.”

Speaking on the new achievement, Roosevelt Ogbonna, Access Bank’s Managing Director/Chief Executive Officer, said the latest acquisition brings exciting opportunities for the bank, Punch reports.

His words: "This strategic move represents a notable step towards setting a railroad in Tanzania for intra-African trade within the East African region, Africa and the rest of the world.

“It underscores our 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.’

Also commenting on the transaction, John Imani, Managing Director, African Banking Corporation (Tanzania) Limited, said: “The completion of our transaction with Access Bank, not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but 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 an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”