The African Banking Corporation of Tanzania (ABCT) Limited, formerly held by Atlas Mara Limited, has been bought successfully by Access Bank Plc, a commercial bank that encourages and delivers sustainable economic growth that is profitable, environmentally responsible and socially relevant.
Following the completion of this deal, ABCT will combine with Standard Chartered Bank Tanzania’s business, personal, and consumer banking activities, which Access Bank previously purchased.
Roosevelt Ogbonna, Managing Director of Access Bank, highlighted the innovative impact of the acquisition and stated that the strategic move marks a significant milestone in their expansion journey, paving the way for seamless intra-African trade within the East African region, across Africa, and globally.
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Also, their commitment to building a robust East African banking network is unwavering, and this acquisition is a testament to their dedication to driving innovation and positive change.
By combining their strengths, they are poised to unlock new opportunities and deliver exceptional financial solutions and experiences to their customers in Tanzania.
Access Bank is excited to leverage its enhanced capabilities to support the growth aspirations of the region’s individuals, businesses, and communities. This acquisition reinforces its position as a leading African bank facilitating economic prosperity and social progress.
Acquisition & Merger: Access Bank Zambia’s Path to Market Dominance
Formally declared in July 2023, the completion of this acquisition is a testament to Access Bank’s growth and development ambitions.
This achievement came soon after African Banking Corporation Zambia Limited, which was doing business as Atlas Mara Zambia, was purchased. With the completion of this transaction and the acquisition of the necessary regulatory clearances, Access Bank Zambia Limited became the sole owner of Atlas Mara.
The merger will put the combined businesses in the top five banks in Zambia in terms of revenue, with the potential to rank in the top three by 2027. Until integration processes are completed, the two banks will continue to function separately.
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About Access Bank
Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank owned by Access Bank Group. The Central Bank of Nigeria licenses it as the national banking regulator.
Originally a corporate bank, they expanded into personal and business banking in 2012. Access Bank and Diamond Bank merged on April 1, 2019. In conclusion of its merger with Diamond Bank, Access Bank unveiled its new logo, signalling the commencement of a new enlarged banking entity. The bank employs more than 28,000 people in 2021.
After the merger, with more than 42 million customers, Access Bank became the largest bank in Africa by customer base and the largest bank in Nigeria by assets.