Access Bank PLC has just announced the successful completion of the acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania or BancABC), in line with its strategic expansion objectives.

This milestone follows the Bank's initial announcement in July 2023 and marks another step on its journey to becoming the most respected African bank in the world.

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

This reinforces Access Bank's aspiration to be a strong player in the East African region, while adding greater depth and breadth to its pan-African operations, creating more significant opportunities for financial inclusion, a diversified range of products and a better customer experience.

Access Bank's presence in more than 22 countries presents a robust platform that can be leveraged to boost intra- and inter-African trade and payments.

Marco Abalroado, Managing Director of Access Bank Mozambique, considers that "this acquisition represents a significant step forward not only for Access Bank in Tanzania, but also for all the Group's operations in Africa, including Mozambique". "Our vision is to create a cohesive and efficient banking network that promotes financial inclusion and economic development, so we are excited about the opportunities this expansion will bring to our customers and communities," he said.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, commented on the transaction, saying: "This strategic move represents a remarkable step towards establishing a pathway in Tanzania for intra-African trade in the East African region, Africa and the rest of the world. It underlines our commitment to creating a robust banking network in East Africa, driving positive change and innovation."

"We are excited about the opportunities this acquisition presents for our operations in Tanzania and look forward to leveraging our combined strengths to deliver exceptional financial solutions and experiences to our customers."

Commenting on the transaction, John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, said: "The completion of our transaction with Access Bank not only underlines Access Bank's strong confidence in our operations and the Tanzanian market, but also brings new and good opportunities for our customers, employees and stakeholders. The new entity is set to enhance our service offering, drawing on 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 is committed to increasing customer satisfaction and brings with it a robust set of offers to promote its customers' aspirations.