Sylvia Duruson
Access Bank, a prominent Nigerian financial institution, has taken a significant step towards solidifying its presence in East Africa by acquiring African Banking Corporation of Tanzania (ABCT) Limited. This strategic move not only deepens the bank’s roots in the region but also aligns with its vision of becoming the Most Respected African Bank on the continent.
In a recent filing on the Nigerian Exchange Group (NGX) dated June 10, 2024, Roosevelt Ogbonna, the Managing Director of Access Bank, highlighted the importance of this acquisition. “This strategic move represents a notable step towards establishing a strong presence in Tanzania for intra-African trade within the East African region, Africa, and the rest of the world,” he stated. “It underscores our commitment to creating 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.”
Upon the completion of the acquisition process, Access Bank plans to merge ABCT with the consumer, private, and business banking business it recently acquired from Standard Chartered, another bank operating in Tanzania. This consolidation aims to create a more comprehensive and efficient financial services provider in the region.
The acquisition of ABCT aligns with Access Corporation’s long-term vision of becoming the Most Respected African Bank in Africa. It brings the bank closer to its near-term strategy of targeting local, regional, and international revenue opportunities across trade, payments, and specialized commerce for both business and retail customers within the East African region.
John Imani, the Managing Director of African Banking Corporation (Tanzania) Limited, expressed his enthusiasm for the acquisition, stating, “The completion of our transaction with Access Bank Plc not only underscores the strong confidence of Access Bank in our operations and the Tanzanian market but delivers new and exciting opportunities for our customers, employees, and stakeholders. 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 Corporation has a track record of acquiring banks across Africa to expand its growing presence on the continent. Earlier this year, the corporation acquired ARM Pensions, a pension firm, and Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission.
