Nigeria’s biggest lender Access Bank Plc, has acquired African Banking Corporation of Tanzania (ABCT) Limited strengthening its regional presence.
The move also aligns with its vision of being the “Most Respected African Bank.”
In a filing on the Nigerian Stock Exchange (NGX) dated June 10, 2024, Access Bank’s Managing Director, Roosevelt Ogbonna, emphasized the significance of the acquisition.
He termed it “a crucial step to establish a strong presence in Tanzania, facilitating intra-African trade within East Africa, the wider continent, and globally.”
Ogbonna further highlighted their commitment to “building a robust East African banking network, driving positive change and innovation.”
Following the acquisition, Access Bank plans to merge ABCT with its recently acquired consumer, private, and business banking operations from Standard Chartered Bank Tanzania. This consolidation aims to create a more comprehensive and efficient financial services provider in the region.
John Imani, Managing Director of ABCT, expressed his enthusiasm. He sees the acquisition as a testament to Access Bank’s confidence in Tanzania’s market and its operations.
He anticipates “new and exciting opportunities for customers, employees, and stakeholders.”
