• Wednesday, June 12, 2024
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Access acquires majority stake in African Banking Corporation of Tanzania

Access acquires majority stake in African Banking Corporation of Tanzania

Access Holdings Plc said that its wholly owned subsidiary, Access Bank has completed the acquisition of majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, a London Stock Exchange listed entity.

Following the completion of the transaction, ABCT will be merged with the consumer, private, and banking business of Standard Chartered Bank Tanzania earlier acquired by the bank to establish Access Bank Tanzania as an enlarged entity within the Tanzania’s banking landscape. This combination will position Access Bank Tanzania as a top-tier.

Access said its vision is to be the World’s Most Respected African Bank and its entry into Tanzania’s market, “not only brings us closer to that vision but is also critical to our 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”.

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Commenting on the transaction, Roosevelt Ogbonna, Managing Director of the Bank, 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. “It underscores our commitment to creating a robust East African banking network, driving positive change and innovation. 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,” he said.

Commenting on the transaction, John Imani, Managing Director, African Banking Corporation (Tanzania) Limited, said: “The completion of our transaction with Access Bank Plc, not only underscores the strong confidence of Access Bank in our operations and the Tanzanian market but delivers 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.”