Introduction
Access Bank Plc has successfully completed its acquisition of African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited. Initially announced in July 2023, this move marks a significant expansion for Access Bank in East Africa.
Strategic Merger
Access Bank plans to merge ABCT with Standard Chartered Bank Tanzania’s consumer, private, and banking businesses, forming Access Bank Tanzania. This new entity will prioritize customer satisfaction, financial inclusion, and technological advancement.
Leadership Perspectives
Roosevelt Ogbonna, Managing Director of Access Bank, highlighted the acquisition’s role in establishing a robust foundation for intra-African trade within East Africa and beyond. He expressed enthusiasm about leveraging combined strengths to deliver superior financial solutions.
John Imani, Managing Director of ABCT, emphasized the benefits for customers, employees, and stakeholders, noting that Access Bank’s extensive resources will enhance service offerings and value.
Historical Context
This acquisition is the fourth deal between Access Bank and Atlas Mara, following previous transactions in Zambia, Mozambique, Botswana, and Tanzania. Since January 2024, Access Bank has strengthened its East African presence, including acquiring an 80% stake in Finance Trust Bank in Uganda and planning a full buyout of National Bank of Kenya.
Strategic Vision
Access Bank’s latest acquisition aligns with its vision of targeting local, regional, and international revenue opportunities in trade and payments for East African customers. This move brings the bank closer to its near-term strategic goals.
