Nigeria's largest bank deepens East Africa presence with new buyout
TLDR
- Access Bank Plc completes acquisition of African Banking Corporation of Tanzania (ABCT) Limited, merging it with Standard Chartered Bank Tanzania for Access Bank Tanzania.
- Strategic move to target local, regional, and international revenue opportunities in trade and payments for East African customers.
- Acquisition aligns with Access Bank's vision and near-term strategy for growth in Tanzania.
Access Bank Plc, Nigeria's largest lender by assets, has completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited, through a majority equity stake, initially announced in July 2023.
The company plans to merge ABCT with the consumer, private, and banking businesses of Standard Chartered Bank Tanzania, which it is also set to acquire. This merger will form Access Bank Tanzania.
The new Tanzanian unit brings Access closer to its vision and is significant for its near-term strategy of targeting local, regional, and international revenue opportunities in areas such as trade and payments for East African customers.
Key Takeaways
This acquisition marks Access Bank's fourth deal with Atlas Mara, following prior acquisitions in Mozambique, Zambia, Botswana, and Tanzania. Access Bank has been expanding its presence in East Africa, starting with the agreement in January 2024 to acquire an 80% stake in Finance Trust Bank in Uganda, aiming to combine the technological resources of both banks. In March 2024, Access Bank revealed plans to fully acquire the National Bank of Kenya for around $99.6 million. Additionally, Access Bank had previously acquired a bank in Kenya in 2019.
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