Access Bank completes acquisition of Tanzanian Bank

Access Holdings Plc said yesterday that its wholly owned subsidiary, Access Bank Plc has completed the acquisition of majority equity stake in African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, a London Stock Exchange listed entity.

The holdings had earlier in July 14, 2023 unveiled the planned acquisition which has now come into fruition, according to a communication to the Nigerian Exchange Group yesterday.

Commenting on the transaction, Managing Director of the Bank, Roosevelt Ogbonna: said: “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.”

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Commenting on the transaction, John Imani, Managing Director, African Banking Corporation (Tanzania) Limited, said: “The completion of our transaction with Access Bank Plc, not only underscores the strong confidence of Access Bank in our operations and the Tanzanian market but delivers new and exciting opportunities for our customers, employees, and stakeholders.”