NAIROBI, Kenya, June 13 – Access Bank has acquired Tanzania’s African Banking Corporation (BancABC Tanzania) as the Nigerian lender moves to bolster its presence in East Africa.
Following the bank’s acquisition of BancABC Tanzania, its activities will now be combined, upon completion, with Standard Chartered Bank Tanzania’s consumer, private, and business banking operations to create a new company that will be called Access Bank Tanzania.
The financial institution says the move is in line with its strategic goals of ensuring financial inclusion, a diversified product range, and an enhanced customer experience.
“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,” Access Bank CEO Roosevelt Ogbonna said.
On his part, African Banking Corporation Managing Director John Imani said that the acquisition is set to revolutionize Tanzania’s banking landscape.
”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,” said Imani.
The Nigerian lender has been on a move to acquire an array bank in an effort to solidify its base as a key player in the region.
In 2020, it got the Central Bank of Kenya’s nod to acquire a 100 percent stake in Transnational Bank.
It currently has access to Access Bank’s presence in over 22 countries.
