Access Bank Plc has taken a significant stride in expanding its presence in East Africa through the acquisition of a majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited.
The acquisition, which was completed recently, underscores Access Bank’s ambition to become one of the leading financial institutions in Africa.
The transaction not only solidifies its position within the East African banking landscape but also aligns with its broader goal of enhancing intra-African trade and fostering economic development across the continent.
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.
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.”
Following the acquisition, Access Bank plans to merge ABCT with the consumer, private, and banking business of Standard Chartered Bank Tanzania, another entity it is acquiring.
This strategic integration aims to create Access Bank Tanzania, positioning it as a prominent player in the country’s banking sector.
The combined entity will offer a comprehensive range of banking products and services tailored to meet the evolving needs of Tanzanian businesses and individuals.
Access Bank’s expansion into Tanzania is expected to stimulate competition in the local banking industry, spur innovation, and deepen financial inclusion.
With a robust presence across multiple African markets, Access Bank continues to demonstrate its commitment to driving sustainable growth and fostering economic resilience across the continent.
As Access Bank Tanzania prepares to launch under its new structure, stakeholders are anticipating enhanced banking solutions and increased accessibility that will contribute to Tanzania’s economic prosperity in the years ahead.
