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Access Holdings Acquires Tanzanian Bank, ABCT

Access Holdings Plc, a significant African financial services business founded by Nigerian banker and investor Aigboje Aig-Imoukhuede, has purchased African Banking Corporation of Tanzania (ABCT) Limited. This acquisition reinforces Access Holdings’ objective of expanding its presence across the continent.

Following the transaction, Access Bank will integrate ABCT with Standard Chartered’s consumer, private, and business banking businesses, which was also acquired recently. This will establish Access Bank Tanzania as a top-tier operator with a diverse variety of innovative banking options. The move aligns with Access Holdings’ objective of becoming Africa’s Most Respected Bank under Aig-Imoukhuede’s leadership.

“This strategic move represents a significant step towards establishing a railroad in Tanzania for intra-African trade within the East African region, Africa, and the rest of the world,” stated Roosevelt Ogbonna, Access Bank’s Managing Director. “It demonstrates our commitment to building a strong East African banking network that promotes positive change and innovation. We are delighted about the prospects this acquisition would provide for our business in Tanzania.”

Access Holdings has continued its strategic expansion across Africa’s financial landscape, now operating in 12 African countries and venturing into European markets. The conglomerate serves as a holding company for a wide range of financial organizations, such as banking, asset management, payments, pensions, and insurance.

Aig-Imoukhuede’s return to lead the organization after Herbert Wigwe’s demise has revitalized its diverse structure. With its recent foray into Tanzania, Access Holdings seeks local, regional, and international income potential in trade, payments, and specialized commerce for business and retail consumers in the East African region.

Access Holdings reported a 121.85-percent increase in profit to N159.29 billion ($113.09 million) in the first quarter of 2024, following a solid financial performance in 2023.

This exceptional expansion was driven by huge increases in both interest and non-interest incomes, as well as a significant increase in total earnings from N424.92 billion ($305.28 million) to N974.24 billion ($699.94 million).

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