Access Bank Satisfies Legal Requirements on Acquisition of BancABC Tanzania

Dar-es-salaam Tanzania – September 26, 2024: Access Bank PLC (“Access Bank”) has successfully satisfied all legal and regulatory requirements to complete its acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania” or “BancABC”). With the acquisition now finalised, the entity in Tanzania will operate under the name Access Bank Tanzania Limited, further consolidating Access Bank’s presence in the East African region.

 

This milestone also builds on Access Bank’s recent acquisition of the consumer, private, and business banking operations of Standard Chartered Bank Tanzania. The newly formed Access Bank Tanzania will leverage its inherent strength and that of its parent company, Access Bank Plc, to offer a comprehensive suite of financial solutions aimed at fostering economic growth in Tanzania.

 

Commenting on this significant milestone, Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank Plc, stated:

 

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“This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development. By integrating BancABC Tanzania into the Access Bank Group, we will enhance our ability to provide diverse and innovative financial solutions to meet the evolving needs of our customers. Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved access to banking services and financial opportunities.”

 

John Imani, Managing Director of Access Bank Tanzania, also shared his perspective, saying, “We are excited to officially become part of the Access Bank family. This marks a new era for our operations as we bring together the best of both institutions to create a stronger and more competitive bank that will serve the needs of our customers. Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.”

 

With the conclusion of the acquisition, Access Bank Tanzania customers will benefit from banking with an institution possessing a world-class class payments gateway and supported by a dynamic ecosystem of local and international partnerships. Furthermore, Access Bank’s international expansion and its deepened presence in key trading corridors across Africa, enables it to bridge the gap between cross-border and domestic transfers across all business segments while servicing global payments and remittances efficiently.

 

Access Bank is committed to making a lasting, positive impact to the communities we serve. The Bank brings its proven track record of positively impacting communities and the environment from across the countries in which it operates to the forefront of its Tanzanian operations, ensuring that its growth supports not only economic progress but also environmental preservation and community development. Through these efforts and more, Access Bank Tanzania will contribute to creating a more sustainable future for the nation.