Access Bank Expands with Successful Acquisition in Tanzania

Access Bank Plc. has successfully acquired African Banking Corporation of Tanzania (ABCT) Limited, previously owned by Atlas Mara Limited. With the completion of this transaction, ABCT will merge with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania, which Access Bank acquired earlier.

Roosevelt Ogbonna, Managing Director of Access Bank, emphasized the transformative nature of this acquisition. He stated, “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.”

Initially announced in July 2023, the completion of this acquisition is a testament to Access Bank’s growth ambitions.

This milestone follows the recent acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia. Access Bank Zambia Limited completed this acquisition after obtaining all requisite regulatory approvals, making Atlas Mara a wholly-owned subsidiary. While the two banks will continue to operate separately until integration processes are finalized, the merger will position the combined entities as one of Zambia’s top five banks by revenue, with prospects to be in the top three by 2027.

With these strategic acquisitions, Access Bank continues to solidify its presence and influence in the African banking sector.