Access Bank UK to acquire Mauritius lender

Access Bank has entered into an agreement to acquire a majority stake in Afrasia Bank Limited, which is the fourth largest bank by total assets in the Republic of Mauritius which stood at $5.7bn as of half-year 2024.

A corporate notice filed on the Nigerian Exchange Limited by the parent company of the bank, Access Holdings Plc on Thursday indicated that the acquisition would enable Access Bank to utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.

The financial services sector contributes about 13.4 per cent to the Gross Domestic Product of Mauritius.

Commenting 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 transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise. At the end of its fiscal year ended June 30, 2024, Afrasia Bank recorded Total Assets of more than $5.7bn and Net Profit After Tax of $152.4bn.

The statement added that Access Bank UK remains focused on fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals while advancing intraand inter-African trade, unlocking opportunities, and contributing to its economic transformation.

Access Holdings has been expanding its operations throughout this year through several key acquisitions, on the African continent and beyond as it recently opened an office in Hong Kong.