Access Bank acquires BancABC
ACCESS Bank has successfully satisfied all legal and regulatory requirements to acquire the African Banking Corporation Tanzania Limited (BancABC Tanzania), the move that will consolidate its presence in the East African region.
African Subsidiaries, Access Bank, Executive Director Mr Seyi Kumapayi said in a statement recently that with the acquisition now finalised, the entity will operate under the name Access Bank Tanzania Limited.
“This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development,” he continued.
He added, “Our goal is to facilitate greater inter and intra-African trade, while empowering local communities, especially women and youths, through improved access to banking services and financial opportunities”.
He also said this milestone also builds on Access Bank’s recent acquisition of the consumer, private and business banking operations of Standard Chartered Bank Tanzania.
Mr Kumapayi said the newly formed Access Bank Tanzania will leverage its inherent strength and that of its parent Company – Access Bank, to offer a comprehensive suite of financial solutions aimed at fostering economic growth in Tanzania.
“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,” he said.
Managing Director of Access Bank Tanzania, Mr John Imani said, “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”.
He added, “Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania”.
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Furthermore, access Bank’s international expansion and its deepened presence in key trading corridors across Africa, enables it to bridge the gap between cross-border and domestic transfers across all business segments while servicing global payments and remittances efficiently.
