Tuesday, June 18, 2024

Access Bank acquires ABCT Bank in Tanzania

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Access Bank has acquired African Banking Corporation of Tanzania (ABCT) Limited, deepening its roots in East Africa and continuing a continent-wide expansion. 

“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,” said  Roosevelt Ogbonna, Managing Director of the 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.”

Following the completion of the acquisition, Access Bank will merge ABCT with the consumer, private, and business banking business in Standard Chartered, another recently bank it recently acquired.

This acquisition aligns with Access Corporation vision of becoming the Most Respected African Bank in Africa and the entry into Tanzania brings the bank closer to a 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.

“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,” said John Imani, Managing Director, African Banking Corporation (Tanzania) Limited.

“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 traditionally kept up a tradition of acquiring banks in Africa to continue to expand its growing presence. At the start of the year, it acquired pension firm, ARM Pensions, and Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission.

*This is a developing story

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