Access Bank acquires African Banking Corporation of Tanzania

Access Bank Plc says it has completed the acquisition of a majority equity stake in the African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited.

In July 2023, Standard Chartered Plc reached an agreement to sell its subsidiaries in sub-Saharan Africa to Access Bank, a subsidiary of Access Holdings.

In a corporate filing on June 10, Access Bank said following the completion of the current transaction, ABCT will be merged with the consumer, private, and banking business of Standard Chartered Bank Tanzania — establishing Access Bank Tanzania as an enlarged entity within Tanzania’s banking landscape.

“This combination will position Access Bank Tanzania as a top-tier player that is poised to deliver a robust range of innovative banking solutions that would meet the diverse needs of our customers,” the statement reads.

“With a strong focus on customer satisfaction, financial inclusion, and technological advancement, Access Bank Tanzania will be committed to driving positive change and fostering growth and shared prosperity across Tanzania.”

Commenting on the transaction, Roosevelt Ogbonna, managing director of Access Bank, said the strategic move represents a significant 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,” he said.

“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.”

On his part, John Imani, managing director of ABCT, said the completion of the transaction underscores the strong confidence of Access Bank in the Tanzanian market, delivering new and exciting opportunities for 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,” he said.

Imani said the organisation is looking forward to an exciting and prosperous future as part of the Access Bank family — promoting economic growth and financial inclusion across Tanzania.