Access Bank has announced an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius, with total assets of $5.7 billion as of mid-2024.
The acquisition, disclosed in a corporate notice by Access Holdings Plc to the Nigerian Exchange Limited, on Thursday will allow Access Bank to leverage Mauritius as a strategic hub for trade finance and regional connectivity.
This move is expected to strengthen Access Bank’s ability to facilitate cross-border transactions across Africa and beyond.
The financial services sector in Mauritius plays a significant role in the country’s economy, contributing 13.4% to its GDP.
Speaking on the acquisition, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group, Roosevelt Ogbonna, said, “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 .”
Managing Director of Access Bank UK, Jamie Simmonds, 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.”
The acquisition marks a transformative milestone for Access UK and the broader Access Holdings banking franchise. As of the end of its fiscal year on June 30, 2024, Afrasia Bank reported total assets exceeding $5.7 billion and a net profit after tax of $152.4 million.
The statement further emphasized that Access Bank UK remains committed to driving sustainable growth and offering innovative financial solutions that empower both businesses and individuals. The bank aims to advance intra- and inter-African trade, unlock new opportunities, and contribute to the region’s economic transformation.
Access Holdings has been actively expanding its footprint this year, with key acquisitions across Africa and beyond, including the recent opening of an office in Hong Kong.
These strategic moves highlight the group’s continued efforts to strengthen its global presence and enhance its capabilities in facilitating cross-border trade and financial services.
