Access Bank said it has successfully satisfied all legal and regulatory requirements to complete its acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania or BancABC).
With the acquisition now finalised, the entity in Tanzania will operate under the name Access Bank Tanzania Limited, further consolidating Access Bank’s presence in the East African region.
This milestone also builds on Access Bank’s recent acquisition of the consumer, private, and business banking operations of Standard Chartered Bank Tanzania. The newly formed Access Bank Tanzania will leverage its inherent strength and that of its parent company, Access Bank Plc, to offer a comprehensive suite of financial solutions aimed at fostering economic growth in Tanzania.
Commenting on this significant milestone, Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank stated, “This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development.
Read also: NDIC to pay depositors of failed banks with balances exceeding N5m
“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. Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved access to banking services and financial opportunities.”
John Imani, Managing Director of Access Bank Tanzania, also shared his perspective, saying, “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.”
With the conclusion of the acquisition, Access Bank Tanzania customers will benefit from banking with an institution possessing a world-class class payments gateway and supported by a dynamic ecosystem of local and international partnerships. Furthermore, Access Bank’s international expansion and its deepened presence in key trading corridors across Africa, enables it to bridge the gap between cross-border and domestic transfers across all business segments while servicing global payments and remittances efficiently.
