Alex Omenye
Access Bank has acquired African Banking Corporation of Tanzania Limited in a significant move to strengthen its footprint in East Africa.
This acquisition marks a major step in the bank’s continent-wide expansion strategy.
“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,” stated Roosevelt Ogbonna, Managing Director of Access Bank, in an NGX filing dated June 10, 2024. “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.”
Upon completion of the acquisition, Access Bank plans to merge ABCT with the consumer, private, and business banking operations of Standard Chartered, another bank it recently acquired.
This acquisition aligns with Access Corporation’s vision of becoming the most respected African bank.
Entry into Tanzania advances the bank’s strategy to target local, regional, and international revenue opportunities across trade, payments, and specialized commerce for both business and retail customers in the East African region.
John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, expressed optimism about the acquisition. “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. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”
Access Corporation has a tradition of acquiring banks in Africa to expand its growing presence. Earlier this year, it acquired ARM Pensions and Megatech Insurance Brokers Ltd, further solidifying its influence in the financial sector.
