Nigeria’s Access Bank Plc has completed the acquisition of the African Banking Corporation Tanzania (BancABCT) as it seeks to deepen its foothold in East Africa’s banking market.
The lender, which is listed on the Nigerian Stock Exchange (NSE), disclosed that it had completed the acquisition of a majority equity stake in BancABCT, a subsidiary of London-listed Atlas Mara Ltd, an Africa-focused special-purpose acquisition company with stakes in different banks across the continent.
The deal was first announced on July 14, 2023.
“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,” says Roosevelt Ogbonna, the group’s chief executive officer.
“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 transaction, ABCT will be merged with the consumer, private, and banking business of Standard Chartered Bank Tanzania to be acquired by the Nigerian Bank to establish Access Bank Tanzania.
