Access Bank Plc has finalised its acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania), meeting all legal and regulatory requirements. The newly acquired entity will now operate as Access Bank Tanzania Limited.
This acquisition follows Access Bank's earlier purchase of Standard Chartered Bank Tanzania's consumer, private, and business banking operations, strengthening its position in the Tanzanian market.
The merger of BancABC Tanzania's operations into Access Bank's structure aims to expand the range of financial solutions available in Tanzania. The bank's presence in over 22 countries provides a platform to boost intra-African trade and payments, particularly within the East African region.
Oluseyi Kunapayi, Executive Director of African Subsidiaries at Access Bank, emphasised the acquisition's role in the bank's East African growth strategy and its commitment to Tanzania's economic development.
"This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania's economic development. By integrating BancABC Tanzania into the Access Bank Group, we will enhance our ability to provide diverse and innovative financial solutions to meet the evolving needs of our customers," Oluseyi said.
Also, Imani. John, Managing Director of Access Bank Tanzania, highlighted the potential for enhanced service offerings and more incredible value delivery to clients.
"We are excited to officially become part of the Access Bank family. This marks a new era for our operations as we bring together the best of both institutions to create a stronger and more competitive bank that will serve the needs of our customers. Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania."
