Access Bank Announce Acquisition of ABCT Bank in Tanzania as it Deepens East African Presence
Nigerian multinational commercial bank Access Bank, has acquired African Banking Corporation of Tanzania (ABCT) Limited, deepening its roots in East Africa and continuing a continent-wide expansion.
In a statement, Roosevelt Ogbonna, Access Bank’s Managing Director/Chief Executive Officer 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.”
Following the completion of the acquisition, Access Bank will merge ABCT with the consumer, private, and business banking business in Standard Chartered, another bank it recently acquired.
Also speaking on the acquisition, 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. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”
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.
