On 26th September 2024, Access Bank Group successfully satisfied all legal and regulatory requirements to complete its acquisition of African Banking Corporation Tanzania (BancABC).
The Bank will merge BancABC’s operations with the consumer, private, and business banking divisions that it acquired from Standard Chartered Bank Tanzania, creating a new entity that will operate as Access Bank Tanzania.
The group through its social media explains that the new bank operations in Tanzania will ensure that its growth supports not only economic progress but also environmental preservation and community development.
Commenting on the unveiling of the new bank, Access Bank’s Executive Director for African Subsidiaries, Seyi Kumapayi, stated: “This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development. By integrating BancABC Tanzania into the Access Bank Group, we will enhance our ability to provide diverse and innovative financial solutions to meet the evolving needs of our customers. Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved access to banking services and financial opportunities.”
On his part, Access Bank Tanzania Managing Director, John Imani, highlighted: “We are excited to officially become part of the Access Bank family. This marks a new era for our operations as we bring together the best of both institutions to create a stronger and more competitive bank that will serve the needs of our customers. Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.”
About Access Bank
Access Bank, a subsidiary of Access Holdings, listed on the Nigerian Stock Exchange since 1998 with over 900,000 shareholders.
Access Bank is a full-service commercial banking group operating through a network of more than 700 branches and service outlets across 23 countries and serving over 60 million customers.
It services various segments through corporate and investment banking, commercial banking, and retail banking.
The Bank employs over 28,000 people across Africa and Europe, with representative offices in China, Lebanon, India, Hong Kong, and the UAE.
As of March 2022, the Bank’s total assets were approximately US$ 28.8 billion.
As part of its ongoing expansion efforts, Access Bank Zambia has completed the acquisition of African Banking Corporation Zambia (BancABC), trading as Atlas Mara, after obtaining all requisite regulatory approvals.
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