Access Bank Plc has successfully acquired African Banking Corporation of Tanzania (ABCT) Limited, further solidifying its presence in East Africa and advancing its pan-African expansion strategy.
This acquisition is aimed at enhancing intra-African trade and creating a robust banking network in the region.
Roosevelt Ogbonna, Managing Director of Access Bank, emphasized the bank’s commitment to driving innovation and positive change in Tanzania. The acquisition will see ABCT merge with the consumer, private and business banking operations of Standard Chartered in Tanzania, which Access Bank also recently acquired.
”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” the Access Bank MD said.
Access Corporation aims to become the most respected African bank, targeting local, regional, and international revenue opportunities across trade, payments and specialized commerce.
John Imani, Managing Director of ABCT, expressed optimism about the new opportunities this merger brings for customers, employees, and stakeholders, highlighting the potential for economic growth and financial inclusion in Tanzania.
This acquisition marks the fourth deal by Access Bank with Atlas Mara, following previous acquisitions of Atlas Mara Zambia and assets in Mozambique, Zambia, Botswana, and Tanzania.
