Access Bank Plc has announced the successful acquisition of African Banking Corporation Limited (BancABC) Tanzania, enhancing its footprint in East Africa. The acquisition, initially announced in July 2023, signifies a strategic step towards becoming a dominant player in the African banking sector. This venture will amalgamate BancABC’s operations with Standard Chartered Bank’s Tanzania arm, leading to the formation of Access Bank Tanzania. The integration aims to augment financial inclusion, diversify product offerings, and improve customer experiences. With presence in over 22 countries, Access Bank is poised to leverage its extensive platform for boosting intra-African trade and payments. The CEO, Roosevelt Ogbonna, highlighted the acquisition as a foundational step for increased intra-African trade within the region, Africa, and beyond. John Imani, Managing Director of BancABC, emphasized the promising opportunities for customers and stakeholders from the new alliance. In parallel, Fitch Ratings upgraded Coronation Merchant Bank’s Long-Term Issuer Default Rating to B- from CC, citing improved capital positions, strengthened core profitability, and robust asset quality metrics as key reasons for the upgrade.
Banking and Financial Services,Nigeria, Tanzania
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