Access Bank (UK) Acquire Majority Stake in Mauritius-Based AfrAsia Bank Limited
Abiodun Folarin
Access Holdings PLC (“Access Holdings”) has announce that The Access Bank UK Limited (“Access UK”), a subsidiary of its banking group, has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited (“AfrAsia Bank”), the third-largest bank in Mauritius by total assets.
Mauritius, known for its vibrant financial services sector contributing 13.4% to the national GDP, provides Access UK with a robust platform to expand into high-growth personal and corporate banking sectors. This strategic acquisition positions Access Bank to leverage Mauritius as a central hub for trade finance and regional connectivity, enhancing its capacity to facilitate cross-border transactions within Africa and beyond.
The transaction marks a significant milestone for Access UK and Access Holdings’ broader banking operations. As of its fiscal year ending June 30, 2024, AfrAsia Bank reported Total Assets exceeding US$5.7 billion and a Net Profit After Tax of US$152.4 million.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, commented on the acquisition:
“This acquisition is a pivotal moment in our African growth journey, reinforcing our standing as a leading Pan-African financial institution. Mauritius holds enormous potential as an international financial hub, and through AfrAsia Bank, we look forward to creating new avenues to promote trade, support businesses, and advance economic inclusion across the region as we continue our mission to become the World’s Most Respected African Bank.”
Jamie Simmonds, Managing Director of Access Bank UK, added:
“AfrAsia Bank’s solid balance sheet and established brand in Mauritius provide a sustainable foundation for us to scale and achieve long-term profitability. This deal aligns with our strategy to diversify, future-proof our earnings, and deliver bespoke solutions that allow clients to access global markets with ease.”
Access Bank UK remains committed to fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals, while supporting intra- and inter-African trade and contributing to regional economic transformation. The bank is dedicated to advancing trade relationships between Africa and the wider global market.
In the coming months, both parties will work together to complete the acquisition process, with required disclosures to follow as they become available.
