Access Bank UK to Acquire AfrAsia Bank in Mauritius

Access Bank has entered into an agreement to acquire a majority stake in AfrAsia Bank Limited, the fourth-largest bank by total assets in Mauritius, valued at $5.7bn as of mid-2024.

In a corporate notice filed on the Nigerian Exchange Limited, Access Holdings Plc, the parent company of Access Bank, announced on Thursday that the acquisition would position Mauritius as a strategic hub for trade finance and regional connectivity, enhancing its capacity to facilitate cross-border transactions across Africa and beyond. The financial services sector currently contributes about 13.4% to Mauritius’s GDP.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group, stated, “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 and offer bespoke solutions enabling our clients to access global markets with ease.”

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This transaction marks a transformative step forward for Access UK and the broader Access Holdings’ banking franchise. By the end of its fiscal year on June 30, 2024, AfrAsia Bank reported total assets exceeding $5.7bn and a net profit after tax of $152.4bn.

Access Bank UK remains committed to sustainable growth, delivering innovative financial solutions that empower businesses and individuals, while advancing intra- and inter-African trade, unlocking opportunities, and contributing to economic transformation.

Access Holdings has been expanding its operations throughout the year through key acquisitions across Africa and beyond, including the recent opening of an office in Hong Kong.