JOHANNESBURG - Absa is close to consolidating its operations in Tanzania.
The banking group is looking to grow its presence in some of the continent's fastest-growing markets.
The proposed transaction would see the National Bank of Commerce, majority-owned by Absa, absorb Absa Bank Tanzania.
This will create a lender with around $3 billion in assets and forms part of Absa's strategy to increase its exposure in East Africa.
The bank has also launched a bid to raise its stake in its Kenyan business and expand its operations in Uganda.
With Tanzania's economy expected to grow close to 6% this year, the country is increasingly becoming an attractive destination for regional banking expansion.