Access Bank acquires majority stake in African Banking Corporation of Tanzania

In a strategic move to increase its footprint in Tanzania, Access Bank Plc. has successfully acquired a majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, previously owned by Atlas Mara Limited.

With the completion of this transaction, ABCT will merge with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania, which Access Bank acquired earlier. This merger will establish Access Bank Tanzania as a significant player in the Tanzanian banking landscape.

Roosevelt Ogbonna, Managing Director of Access Bank, emphasized the transformative nature of this acquisition. He stated, “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.”

John Imani, Managing Director of ABCT, echoed this enthusiasm. He highlighted the positive implications for all stakeholders, saying, “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.”

Access Bank’s expansion into Tanzania is not just a geographical growth; it’s a strategic alignment with the Bank’s vision to seize local, regional, and international revenue opportunities. By integrating into the East African market, Access Bank aims to enhance trade, payments, and specialized commerce for both business and retail customers. This acquisition aligns perfectly with the Bank’s near-term strategy to fortify its presence across the East African region and beyond.

Access Bank, a subsidiary of Access Holdings Plc, is a leading full-service commercial bank with a vast network spanning three continents and 22 countries. Serving over 60 million unique customers, Access Bank employs around 28,000 people across Africa, Europe, and representative offices in China, Lebanon, India, and the UAE.