Access Bank Plc has announced the successful completion of its acquisition of African Banking Corporation Tanzania Limited (BancABC Tanzania), in line with its goal of strategic expansion and deepening its roots in East Africa.
In a statement, Access Bank said: "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".
Access Bank's Managing Director/Chief Executive Officer, Roosevelt Ogbonna, speaking on the latest acquisition, said, '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.
This acquisition aligns with Access Corporation's vision of becoming one of the most distinguished African banks on the continent. Thus, the bank's entry into Tanzania brings Access closer to a near-term strategy of targeting local, regional, and international revenue opportunities across trade, payments, and specialized commerce for business and retail customers within the East African region.
Also speaking 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," he added.
