Access Bank Tanzania
| Company type | Private: Subsidiary of Access Bank Group |
|---|---|
| Industry | Financial services |
| Founded | 1996 |
| Headquarters | 5th & 6th Floor Uhuru Heights Bibi Titi Mohammed Road Dar es Salaam |
Key people | John Imani Bgoya[1] Managing Director |
| Products | Loans, savings |
| Website | bancabc |
Access Bank Tanzania (ABT), formerly BancABC Tanzania, is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[2][3]
Location
[edit]The headquarters of ABT are located on the 5th and 6th Floors, at Uhuru Heights, along Bibi Titi Mohammed Road in the city of Dar es Salaam, the financial capital and largest city in Tanzania. The coordinates of the bank's headquarters are 06°48'38.0"S, 39°17'10.5"E (Latitude:-6.810556; Longitude:39.286250).[4]
History
[edit]In 1996, the company started business operations as an asset financing institution. At that time, the shareholders included CDC Capital Partners (CDC), International Finance Corporation (IFC), Tanzania Development Finance Company Limited (TDFL) and the Union Dominions Corporation (UDC). UDC subsequently merged with First Merchant Bank and BARD Investment Services, and thereafter re-branded as "African Banking Corporation". The bank in Tanzania was granted full commercial banking status by the Bank of Tanzania in 2002, under the name African Banking Corporation Tanzania (BancABC Tanzania). BancABC operated as a merchant bank since 2002 and introduced retail banking operations in 2008. In 2004, the ABCH Group acquired 68 percent shareholding in TDFL, with the Government of Tanzania retaining the remaining 32 percent ownership. The international shareholders, including IFC, CDC, DEG, FMO and EIB were paid off.[5]
In June 2024 Access Bank Group, acquired a majority stake in the bank, buying out the shareholding formerly own owned by Atlas Mara Limited. The transaction was concluded in Q3 2024 and BancABC Tanzania rebranded to Access Bank Tanzania.[3] It is expected that the owners will merge the bank with the parts of Standard Chartered Tanzania that they are in the process of acquiring.[1][6][7][8]
Ownership
[edit]Access Bank Tanzania is majority owned by Access Bank Group (ABG), headquartered in Lagos Nigeria, with over 20 banking subsidiaries in Africa, the Middle East and Europe.[1] As of October 2024, ABG controlled 97 percent of the Tanzanian subsidiary.[9]
Branch network
[edit]As of October 2024, ABT maintained a network of interconnected branches at the following locations:[citation needed]
- Head Office: 5th & 6th Floor, Uhuru Heights, Bibi Titi Mohammed Road, Dar es Salaam
- Uhuru Heights Branch: Bibi Titi Mohammed Road, Dar es Salaam
- Kariakoo Branch: Msimbazi Street, Dar es Salaam
- Arusha Branch: 14 & 15, Block "J", Swahili Street, Arusha
- Tegeta Branch: Ground Floor & 2nd Floor, GDB House, 2040 Block H, Tegeta, Dar es Salaam
- Mwanza Branch: 140 Pamba Road & Mitimirefu Street, Mwanza
- Dodoma Branch: 15731 Block "N", Lindi Avenue & Mtendeni Street, Dodoma.
Governance
[edit]The managing director/ceo of the bank as of October 2024, is John Imani.[1][10]
See also
[edit]References
[edit]- ^ a b c d James Anyanzwa (15 June 2024). "Nigerian Access Bank completes acquisition of Tanzanian lender". The East African. Nairobi, Kenya. Retrieved 3 September 2024.
- ^ Bank of Tanzania (8 October 2024). "List of Licensed Commercial Banks In Tanzania". Bank of Tanzania. Dar es Salaam, Tanzania. Retrieved 8 October 2024.
- ^ a b "Access Bank completes acquisition of BancABC Tanzania, now operating as Access Bank Tanzania Limited". The Citizen (Tanzania). Dar es Salaam, Tanzania. 25 September 2024. Retrieved 8 October 2024.
- ^ "Location of Headquarters of Access Bank Tanzania" (Map). Google Maps. Retrieved 8 October 2024.
- ^ Barbara, Upendo; Ezeife, Nkini (10 June 2024). "Access Bank Completes Acquisition of BancABC Tanzania" (PDF). BancABC Tanzania. Dar es Salaam, Tanzania. Retrieved 8 October 2024.
- ^ Ronald Adamolekun (11 June 2024). "Access Bank acquires African Banking Corporation of Tanzania". Premium Times. Abuja, Nigeria. Retrieved 8 October 2024.
- ^ Adekunle Agbetiloye (11 June 2024). "Access Bank Acquires African Banking Corporation of Tanzania To Expand East African Footprint". Business Insider. New York City. Retrieved 8 October 2024.
- ^ Tosin Oyediran (11 June 2024). "Access Bank acquires BankABC Tanzania". The Punch. Lagos, Nigeria. Retrieved 8 October 2024.
- ^ Ifeoma Joy Okorie (11 June 2024). "Access Bank completes acquisition of ABC Tanzania after 12 months". TechPoint Africa. Lagos, Nigeria. Retrieved 8 October 2024.