Access Bank PLC has finalized the acquisition of BancABC Tanzania, consolidating its operations in East Africa as part of its expansion strategy.
This achievement comes after the initial announcement in July 2023 and signifies a significant move toward becoming a highly respected African Bank. Following the acquisition, BancABC’s operations will be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania to establish a new entity named Access Bank Tanzania.
This move strengthens Access Bank’s position in the East Africa region and enhances its pan-African operations, leading to increased opportunities for financial inclusion and a broader range of products and services for customers. With a presence in over 22 countries, Access Bank is well-positioned to facilitate trade and payments within and between African countries.
Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, expressed optimism about the acquisition, emphasizing its potential to promote intra-African trade and drive positive change and innovation in Tanzania.
Additionally, John Imani, the Managing Director of BancABC Tanzania, expressed excitement about the collaboration, highlighting the opportunities it brings for customers, employees, and stakeholders to benefit from Access Bank’s resources and expertise.
Overall, this partnership is dedicated to improving customer satisfaction and offering a comprehensive suite of services to support the financial aspirations of its customers.