Access Bank UK acquires major stake in Afrasia; Mauritius’ 4th largest bank to expand in Africa
Access Holdings has announced that its subsidiary, Access Bank UK, has entered an agreement to acquire a controlling stake in Afrasia Bank Limited, Mauritius’s fourth-largest bank by assets.
This acquisition is part of Access Bank’s broader strategy to expand its footprint in Africa and strengthen its cross-border banking capabilities.
According to Olakunle Aderinokun, Access Holdings’ Head of Media Relations, Mauritius offers a strategic financial advantage, with the financial sector contributing 13.4 per cent to the country’s GDP.
This latest acquisition by the bank would enable Access UK to enhance its personal and corporate banking services through Afrasia Bank, positioning Mauritius as a vital hub for the bank’s trade finance operations across Africa and internationally.
Roosevelt Ogbonna, Access Bank CEO, highlighted that this acquisition aligns with the bank’s African growth strategy and cements its role as a leading pan-African financial institution.
He said, “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.”
Afrasia Bank’s financial health and strong brand were also significant factors in the acquisition.
With total assets exceeding $5.7 billion and a net profit of $152.4 million as of June 2024, the bank provides a robust platform for Access Bank’s long-term profitability, according to Access Bank UK’s Managing Director, Jamie Simmonds. The acquisition supports Access Bank’s efforts to diversify and future-proof earnings, while also providing its clients with streamlined access to global markets.
This acquisition builds on Access Bank’s strategy to expand its investments across Africa, as reaffirmed by Ogbonna during an October 29 media briefing, where he emphasized the bank’s commitment to fostering economic growth across the continent.
