Access Bank Plc, through its wholly owned subsidiary Access Bank UK Limited, has completed the acquisition of a 76% majority stake in AfrAsia Bank Limited, a Mauritius-based commercial bank known for connecting banking services across Africa, Asia, and international markets.
The deal, which secured all necessary regulatory approvals from the Bank of Mauritius and the Financial Services Commission, represents a significant strategic expansion for Access Bank, enhancing its global reach and commitment to customer service excellence.
“The Board of Directors of AfrAsia Bank Limited wishes to inform stakeholders that The Access Bank UK Limited has completed the acquisition of a 76% majority stake in the bank’s share capital,” a company statement confirmed.
AfrAsia Bank, headquartered in the Mauritius International Financial Centre, operates a representative office in South Africa and serves clients across high-growth markets.
IBL Ltd, the bank’s founding shareholder, will remain a minority investor with a 7.89% equity stake, underscoring sustained investor confidence in the institution.
The acquisition integrates AfrAsia’s platform into Access Bank UK’s established international network—which includes London, Dubai, Paris, Hong Kong, Malta, and Lagos—enhancing its operational capabilities and reinforcing its track record in customer service and financial governance.
According to the statement, Access Bank UK Limited is anchored on robust financial risk management and corporate governance frameworks, backed by a strong balance sheet and solid capital adequacy ratios.
“The Access Bank UK Limited will be supported by the Bank’s strong and dedicated team, whose proven track record and extensive ability in banking and investment which have contributed to making it one of the leading banking institutions in the region,”the statement said.
This transaction marks Access Bank’s second international acquisition within a month, following its June takeover of Standard Chartered Tanzania’s Consumer, Private, and Business Banking business.
The Tanzanian deal extends Access Bank’s presence in East Africa, advancing its mission to provide inclusive, technology-driven financial services across the African continent.
