Access Bank UK to Acquire Majority Stake in AfrAsia Bank to Bolster Regional Expansion

Nume Ekeghe

Access Holdings Plc has announced that its UK-based banking subsidiary, Access Bank UK Limited, has signed a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, Mauritius’ third-largest bank by total assets.

Access Holdings, in a statement signed by the Company Secretary, Sunday Ekwochi, said Mauritius, a pivotal financial hub contributing 13.4 per cent to the country’s GDP, provided Access UK with a strategic gateway to scale its offerings in the high-growth personal and corporate banking segments.
The acquisition will allow Access Bank to leverage Mauritius as a trade finance hub and enhance its role in facilitating cross-border transactions across Africa and beyond.

The statement further said the acquisition marked a significant expansion move for Access UK and reinforced Access Holdings’ strategic ambitions in the international banking landscape.
For the fiscal year ending June 30, 2024, AfrAsia Bank reported over $5.7 billion in total assets and a net profit after tax of $152.4 million, reflecting its strong financial performance and regional influence.
Commenting on the acquisition, Managing Director/CEO of Access Bank Plc and 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.”