‎‎Nigeria’s Access group says it paid about $9.62 million to acquire the retail banking and wealth management business from Tanzania’s Standard Chartered Bank, its latest acquisition in its pan-African expansion plan.‎The group, which is listed on the Nigerian Stock Exchange, says in its financial statements for the six months to June 30 that it acquired the Consumer, Private and Business Banking (CPBB) segment of Standard Chartered Bank Tanzania Ltd for a consideration of N14 billion ($9.62 million) on June 20, just a week after it acquired 74.85 percent of the shareholding of Standard Chartered Bank Gambia Ltd for a consideration of N9.5 billion ($6.53 million).

The pan-African deals also included a conditional acquisition of National Bank of Kenya (NBK) from KCB Group at $109.6 million at the end of May.

The lender raised N351 billion ($241.3 million) through a cash call to shareholders in 2024.“Subsequent to the acquisition, the acquired business segment, became wholly owned by Access Bank Tanzania,” the lender says. “The acquisition marks a significant milestone in Access Bank Tanzania’s evolution as a full-service commercial bank delivering inclusive, secure, and digitally driven financial services to individuals, entrepreneurs, and businesses across Tanzania.”Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.

Last year Access Bank Plc and Standard Chartered Bank entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone and its Consumer, Private and Business Banking business in Tanzania.“We are pleased to sign this agreement and express our appreciation for being selected as the preferred partner to Standard Chartered Bank through this transaction through which it is exiting four African markets and refocusing in one,” Access Group’s managing director Roosevelt Ogbonna said last year.

On May 31, 2024, Access Bank also acquired 96.02 percent of African Banking Corporation (Tanzania) Ltd (BancABC Tanzania) for a total consideration of N30.56 billion ($21 million), payable in 2027.

Access group, Africa’s largest bank by customer base, has presence in 24 global markets including 16 across Africa and the Tanzanian business acquisition is seen as significant in solidifying Access Bank Tanzania’s role as a key player in the country's banking sector, driving innovation, deepening inclusion, and unlocking economic potential for the benefit of all Tanzanians.“Across the African continent, our acquisitions in Tanzania and Zambia have deepened our regional leadership, driving financial inclusion and supporting economic empowerment. The integration of Standard Chartered operations in Angola and Sierra Leone marks a major milestone in building a cohesive, scalable, and pan-African franchise. These acquisitions are already contributing to revenue growth, operational synergies, and enhanced market share,” the lender says.

”On May 30 2025, the group announced the completion of its acquisition of the entire issued share capital of NBK from KCB Group Plc following the receipt of conditional regulatory approvals in Kenya and Nigeria for a total estimated consideration of $109.6 million.

© Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).