Access Bank UK Acquires Majority Stake In Mauritius’ AfrAsia Bank

Access Holdings PLC, a leading African financial services group, has announced that its subsidiary, The Access Bank UK Limited, has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited. 

AfrAsia Bank is the Republic of Mauritius’ third-largest financial institution by total assets, a major milestone for Access Holdings as it continues its strategic expansion across Africa and beyond.

Mauritius, a globally recognized financial hub contributing 13.4% to its Gross Domestic Product, provides an ideal platform for Access UK to expand into high-growth personal and corporate banking markets. Leveraging Mauritius’ strategic position, Access UK aims to strengthen trade finance and regional connectivity, furthering its vision of facilitating seamless cross-border transactions.

AfrAsia Bank’s financial performance underscores its potential as a transformational acquisition. As of June 30, 2024, the bank reported total assets exceeding $5.7 billion and a net profit after tax of $152.4 million. The acquisition is a key pillar in Access Holdings’ strategy to bolster its presence in international financial markets and establish a sustainable growth trajectory.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, emphasized the strategic importance of the acquisition, stating: “This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution. Mauritius offers immense potential as an international financial hub, and through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”

Jamie Simmonds, Managing Director of Access Bank UK, added: “With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability. The deal aligns with our strategy to diversify and future-proof our earnings while enabling our clients to access global markets with ease.”

Access Holdings, operating through subsidiaries like Access Bank Plc, Hydrogen Payment Services Company Limited, Access ARM Pensions Limited, and Access Insurance Brokers Limited, has cemented its reputation as a Pan-African leader in banking, payments, pensions, and insurance. Access Bank Plc, renowned for its unmatched growth trajectory, serves over 60 million customers across 23 countries, spanning three continents.

The latest acquisition not only reinforces Access Holdings’ dominance in the financial sector but also positions Mauritius as a pivotal trade and investment hub. Access UK and AfrAsia Bank will work collaboratively in the coming months to finalize the transaction, further enhancing the capacity to drive intra-African trade and contribute to the continent’s economic transformation.

This strategic expansion highlights Access Holdings’ commitment to fostering sustainable development while strengthening its leadership in financial innovation and regional integration.

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By Lekan Olofinsusi