Access Bank finalizes the acquisition of the African Banking Corporation of Tanzania (ABCT), signaling a significant expansion into Tanzania's banking sector. This strategic move aims to bolster Access Bank Tanzania's position and offer innovative banking solutions to customers.
Access Bank Plc has finalized the acquisition of a majority equity stake in the African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited. This move, following the 2023 agreement to acquire Standard Chartered Plc's subsidiaries in sub-Saharan Africa, marks Access Bank's strategic expansion into Tanzania's banking landscape.
The merger of ABCT with Standard Chartered Bank Tanzania's consumer, private, and banking business will establish Access Bank Tanzania as a leading player, offering innovative banking solutions to diverse customer needs. Roosevelt Ogbonna, Access Bank's managing director, emphasized the strategic importance of this acquisition in facilitating intra-African trade and driving positive change and innovation within the East African region.
John Imani, ABCT's managing director, expressed confidence in the transaction, highlighting the new opportunities it brings for customers, employees, and stakeholders. The combined entity aims to enhance service offerings and promote economic growth and financial inclusion across Tanzania, leveraging Access Bank's resources and expertise.
This acquisition underscores Access Bank's commitment to expanding its East African banking network and delivering exceptional financial solutions to its customers.
