Access Bank Gets Approval To Buy Another Bank, MD Shares Plans for Customers
- Access Bank has completed the acquisition of another bank in Tanzania as it continues to expand its footprint in Africa
- Nigerian biggest lender Access Bank had earlier announced BancABC Tanzania as part of its East African expansion plans
- The deal is now fully completed, and Access Bank will now look to provide Tanzanians with a unique banking experience
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Access Bank has confirmed that it has received all legal and regulatory requirements to take over African Banking Corporation (Tanzania) Limited (“BancABC Tanzania").
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In a statement published on X, the bank said with the acquisition now finalised, the entity in Tanzania will operate under the name Access Bank Tanzania Limited, further consolidating Access Bank’s presence in the East African region.
Access Bank buys another bank
Access Bank also recently acquired the consumer, private, and business banking operations of Standard Chartered Bank Tanzania.
According to the Bank, the newly formed Access Bank Tanzania will leverage its inherent strength and that of its parent company, Access Bank Plc, to offer a comprehensive suite of financial solutions to foster economic growth in Tanzania.
Access Bank executives speak on the acquisitions
Seyi Kumapayi, executive director of African subsidiaries at Access Bank Plc, described the acquisition as a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development.
He said:
“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.
“Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved access to banking services and financial opportunities."
Also, John Imani, Managing Director of Access Bank Tanzania, commented:
“We are excited to officially become part of the Access Bank family.
“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.
“Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.
”With the conclusion of the acquisition, Access Bank Tanzania customers will benefit from banking with an institution possessing a world-class class payments gateway and supported by a dynamic ecosystem of local and international partnerships."
Access Bank gets approval to acquire Kenyan bank
In a related development, Legit.ng also reported that the COMESA Competition Commission has approved Nigeria's Access Bank to acquire the National Bank of Kenya.
COMESA determined the merger would not negatively impact competition or public interest within the Common Market.
The commission emphasised that the Competition Authority of Kenya would also make its own decision.
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Source: Legit.ng
