Access Bank PLC has announced the successful completion of its acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania or BancABC), as part of its strategic expansion goals. This follows their initial announcement in July 2023, marking another significant step in their bid to become the world’s most respected African bank. BancABC Tanzania’s operations will be merged with Standard Chartered Bank Tanzania’s consumer, private, and business banking operations to form a new entity, Access Bank Tanzania. The move is set to position Access Bank as a stronger player within the East African market. Access Bank’s footprint extends over 22 countries, providing a robust platform for intra-African trade and payments. Roosevelt Ogbonna, Access Bank’s CEO, emphasized the strategic importance of this acquisition in bolstering the bank’s East African network, driving innovation, and creating positive change. John Imani, Managing Director of BancABC Tanzania, highlighted the new opportunities for customers and stakeholders that the merger presents. Access Bank is committed to enhancing customer satisfaction through a broad suite of offerings and fostering sustainable business practices.
Banking, Financial Services, Mergers and Acquisitions,Nigeria, Tanzania, East Africa
https://mergersacquisitions.einnews.com/article/718983472/OVU9N9EPoJhK5xh9?ref=rss&ecode=Q1vNcweEggLWKz7L