Access Bank has confirmed that it has received all legal and regulatory requirements to take over African Banking Corporation (Tanzania) Limited (âBancABC Tanzania”).
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 Bankâs presence in the East African region.
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.
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 Tanzaniaâs economic development.
He said:
Also, John Imani, Managing Director of Access Bank Tanzania, commented:
In a related development, TimesNow.com.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.
Source: TimesNow.com.ng
