June 24, 2024

#Access Bank Elevates #African Presence with Strategic #BancABC #Tanzania #Acquisition

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#Access Bank Elevates #African Presence with Strategic #BancABC #Tanzania #Acquisition

#Access Bank Elevates #African Presence with Strategic #BancABC #Tanzania #Acquisition

Access Bank PLC has triumphantly finalized the acquisition of African Banking Corporation (Tanzania) Limited, known as BancABC, aligning perfectly with its vision for strategic growth. This significant achievement, initially announced in July 2023, is a testament to Access Bank’s unwavering commitment to becoming a globally revered African financial institution.

The integration of BancABC Tanzania into Access Bank’s fold signifies a merger with Standard Chartered Bank Tanzania’s diverse banking operations, culminating in the inception of Access Bank Tanzania.

This strategic union not only reinforces our position as a formidable force in East Africa but also enriches our pan-African footprint, paving the way for broader financial inclusion, an expanded array of products, and an elevated banking experience for our customers. With a presence spanning over 22 nations, Access Bank is poised to amplify intra- and inter-African commerce and payment systems.

Roosevelt Ogbonna, the Managing Director/CEO of Access Bank, remarks on the acquisition: “This pivotal move marks a significant stride in establishing a conduit for intra-African trade in Tanzania and beyond. It reflects our dedication to forging a dynamic East African banking network and fostering innovation and positive transformation.”

“We are thrilled by the prospects this acquisition unveils for our Tanzanian operations, and we are keen to harness our collective capabilities to offer unparalleled financial services and customer experiences,” he adds.

Echoing this sentiment, John Imani, Managing Director of BancABC Tanzania, states: “The fruition of our deal with Access Bank not only highlights their confidence in our operations and the Tanzanian market but also heralds new, promising opportunities for our clientele, workforce, and partners.

#Access Bank Elevates #African Presence with Strategic #BancABC #Tanzania #Acquisition

The emergent entity is set to augment our service delivery, drawing upon Access Bank’s vast resources and proficiency to bestow even greater value upon our customers. We anticipate a bright and prosperous journey ahead as part of the Access Bank family, championing economic advancement and financial inclusivity throughout Tanzania.”

Access Bank’s pledge to customer satisfaction is unwavering, and it brings a comprehensive suite of services to nurture the ambitions of its clientele.

Media Inquiries:
Barbara Ezeife
Head, Marketing & Communications, African Subsidiaries, Access Bank Plc
Email: barbara.ezeife@accessbankplc.com
Phone: +2348188615735

Upendo Nkini
Head, Marketing, BancABC part of Atlas Mara Tanzania
Email: unkini@bancabc.co.tz
Phone: +255 779 000 261

About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 22 countries and over 60 million unique customers. The Bank employs about 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

The Bank serves it various markets through three key business segments, viz; Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last 22 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

About BancABC Tanzania

The Bank commenced operations in 1996 as an asset financing institution under the joint ownership of CDC Capital Partners (CDC), International Finance Corporation (IFC), TDFL and the Union Dominions Corporation (UDC).

Following the merger of UDC with First Merchant Bank and BARD Investment Services, and the subsequent re-branding as African Banking Corporation, ABC Holdings Limited (ABCH) listed on the Botswana (primary) and Zimbabwe (secondary) Stock Exchanges. The Bank in Tanzania was granted full commercial banking status by the Bank of Tanzania in 2002.

In 2004, the ABCH Group successfully concluded the acquisition of a 68% interest in Tanzania Development Finance Company Ltd (TDFL) from the existing international shareholders, i.e. IFC, CDC, DEG, FMO and EIB. The Government of Tanzania has remained a key shareholder (32%) in TDFL. The operations of Capital Finance Limited, the operating arm of TDFL were merged with the Bank.

BancABC operates as a merchant bank since 2002 and introduced retail banking operations in 2008. The Bank opened its first branch in March 2010, offering a full bouquet of banking services for its corporate and personal customers

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