- Access Bank Plc has completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, through a majority equity stake, initially announced in July 2023.
- Access Bank plans to merge ABCT with the consumer, private, and banking businesses of Standard Chartered Bank Tanzania, which it is also set to acquire. This merger will form Access Bank Tanzania.
- Access Bank stated that Access Bank Tanzania will prioritise customer satisfaction, financial inclusion, and technological advancement to drive positive change and growth in the country.
Following the acquisition announcement, Access Bank Managing Director Roosevelt Ogbonna said the move aims to establish a strong foundation in Tanzania for intra-African trade within East Africa, across Africa, and beyond.
“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,” the Access Bank MD said.
On the other hand, John Imani, Managing Director of ABCT, highlighted the benefits of the acquisition for their customers, employees, and stakeholders.
He stated, “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.”
This acquisition marks the fourth deal by Access Bank with Atlas Mara, following previous acquisitions of Atlas Mara Zambia and assets in Mozambique, Zambia, Botswana, and Tanzania.
Access Bank has been strengthening its foothold in East Africa since January 2024, when it agreed to acquire an 80% majority stake in Finance Trust Bank in Uganda, as part of a deal in which both banks would combine their technological resources.
In March 2024, Access Bank announced plans to completely buy out National Bank of Kenya for approximately $99.6 million. Meanwhile, it acquired a bank in Kenya in 2019.
Meanwhile, in the official announcement of its latest acquisition, Access Bank stated that ABCT’s acquisition brings it closer to its vision and is significant for its near-term strategy of targeting local, regional, and international revenue opportunities in areas such as trade and payments for East African customers.
