In a strategic move to expand its operations in the high-growth personal and corporate banking segments, The Access Bank UK Limited has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, Mauritius’ third-largest bank by total assets.
The acquisition, announced by Access Holdings PLC, marks a significant step forward in Access Bank’s African growth strategy, reinforcing its position as a leading Pan-African financial institution.
Mauritius, renowned for its robust financial services sector, contributes 13.4% to its Gross Domestic Product and provides Access UK with a solid foundation for expansion.
AfrAsia Bank, with total assets exceeding US$5.7 billion and a net profit after tax of US$152.4 million as of June 30, 2024, offers Access UK a sustainable platform to scale and achieve long-term profitability.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and 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.”
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.”
The acquisition aligns with Access Bank UK’s commitment to fostering sustainable growth, delivering innovative financial solutions, and empowering businesses and individuals.
The bank remains focused on advancing intra- and inter-African trade, unlocking opportunities, and contributing to the economic transformation of Africa.
The parties will work to complete the acquisition in the coming months, making required disclosures as necessary.
This strategic move is expected to enhance Access Bank’s capacity to facilitate cross-border transactions across Africa and beyond, solidifying its position as a leading player in the Pan-African banking landscape.
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