The bank said in a statement that this milestone follows its initial announcement in July 2023, marking another significant step in its journey to become the world’s most respected African bank.
The statement reads:
“With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania at completion to form a new, entity to be known as Access Bank Tanzania.”
Speaking on the development, Access Bank’s Managing Director/Chief Executive Officer, Roosevelt Ogbonna, said ‘This strategic move represents a notable step towards setting a railroad in Tanzania for intra-African trade within the East African region, Africa and the rest of the world.
“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 and are eager to leverage our combined strengths to deliver exceptional financial solutions and experiences to our customers.”
Following the completion of the acquisition, Access Bank will merge ABCT with the consumer, private, and business banking divisions of Standard Chartered, another bank it recently acquired.
In January, it acquired ARM Pensions and Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission.
