On June 11, 2024, Access Bank Plc announced the successful completion of its acquisition of African Banking Corporation Tanzania Limited (BancABC Tanzania).
Following this acquisition, BancABC Tanzania operations will be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania to form a new entity known as Access Bank Tanzania.
In July 2023, Standard Chartered and Access Bank entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking (CPBB) business in Tanzania.
With this strategic move, Access Bank aims to strengthen its presence in the East Africa region, foster financial inclusion, and offer a diversified product range.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, emphasized the significance of the acquisition, stating, “This move represents a significant step towards establishing 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.”
John Imani, Managing Director of BancABC Tanzania, expressed optimism about the merger’s benefits, stating, “The completion of our transaction with Access Bank not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but also brings new and exciting opportunities for our customers, employees, and stakeholders. 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, a wholly owned subsidiary of Access Holdings Plc (NGX:ACCESSCORP), is a full-service commercial bank headquartered in Lagos, Nigeria. It operates a network of more than 700 branches and service outlets spanning 22 countries and employs about 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.
BancABC Tanzania started as a subsidiary of ABC Holdings Limited of Botswana. ABC Holdings is the parent company of several sub-Saharan African banks operating under the BancABC brand in Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe, with a group services office in South Africa.
BancABC Tanzania was granted full commercial banking status by the Bank of Tanzania in 2002, operating as a merchant bank until it introduced retail banking operations in 2008. The bank opened its first branch in March 2010.
In November 2020, ABC Holdings and KCB Group signed an agreement regarding the proposed acquisition of BancABC by KCB. However, the merger was called off in December 2021 when KCB explained that certain regulatory approvals had not been received within the prescribed timeframe specified in the agreement.
