Access Bank Buys Another Bank in Tanzania, CEO Shares Excitement, Makes Promises

Access Bank Buys Another Bank in Tanzania, CEO Shares Excitement, Makes Promises

  • Access Bank has announced the acquisition of another bank in Tanzania as it continues to expand its footprint in Africa
  • With the new acquisition, Access Bank now has a new set of customers and aims to provide them with an improved banking experience
  • Access Bank currently operates in at least 20 African countries and beyond the continent, with more expansion plans underway

Access Bank Plc has announced that it has successfully completed the acquisition of African Banking Corporation (Tanzania) Limited.

In a statement released on the NGX on Monday, June 10, the bank said the acquisition, which started in July 2023, aligns with its strategic expansion goals to become the world’s most respected African bank.

Access Bank buys another bank in Tanzania
Access Bank continues its expansion to different African countries. Photo credit: Damilola Onafuwa
Source: Getty Images

The statement reads:

“With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new, entity to be known as Access Bank Tanzania.”

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CEO speaks on Access Bank

Speaking on the new achievement, Roosevelt Ogbonna, Access Bank’s managing director/chief executive officer, said the latest acquisition brings exciting opportunities for the bank, Punch reports.

His words:

"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 and are eager to leverage our combined strengths to deliver exceptional financial solutions and experiences to our customers.’

Also commenting on the transaction, John Imani, managing director, African Banking Corporation (Tanzania) Limited, said:

“The completion of our transaction with Access Bank, not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but brings new and exciting opportunities for our customers, employees, and stakeholders.

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“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.
“We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”

Access Bank gets new chairman

Earlier, Legit.ng reported that Aig-Imoukhuede emerged as the new chairman of Access Holdings Plc.

He replaced Abubakar Jimoh, expected to remain an independent non-executive director.

Over the years, Aig-Imoukhuede established himself as a remarkable and powerful leader beyond the banking sector.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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