Access Bank UK Completes AfrAsia Bank Deal, Secures 76% Stake
Access Bank United Kingdom (UK), a subsidiary of Access Holdings, has completed the acquisition of a 76 per cent majority stake in AfrAsia Bank Limited, the fourth-largest bank in Mauritius by assets.
The transaction marks a strategic milestone in Access Bank’s ongoing global expansion and comes eight months after Access Holdings first announced the agreement.
In a statement issued on Thursday, AfrAsia Bank confirmed the deal had been finalised following the receipt of all necessary regulatory approvals.
“The Board of Directors of AfrAsia Bank Limited (the ‘Bank’) wishes to inform its stakeholders that The Access Bank UK Limited, a wholly owned subsidiary of Access Bank Plc, has finalised the acquisition of a 76% majority stake in the Bank’s share capital,” the statement reads.
Mauritius-based investment company IBL Ltd, the founding shareholder of AfrAsia Bank, will retain a minority stake.
“IBL Ltd, founding shareholder of AfrAsia Bank Limited, will retain a 7.89% stake in the Bank. This continued shareholding reflects IBL’s sustained confidence in the Bank.”
The acquisition makes AfrAsia Bank part of Access Bank UK’s international network, which already spans key financial hubs including London, Dubai, Paris, Hong Kong, Malta, and Lagos.
“The Access Bank UK Limited is built on a solid foundation of financial risk management and corporate governance with a strong balance sheet and excellent capital adequacy ratios,” AfrAsia Bank added.
“With offices in London, Dubai, Paris, Hong Kong, Malta and Lagos, The Access Bank UK Limited brings extensive international banking expertise and a proven track record of excellence in customer service.”
AfrAsia noted that Access Bank UK will be supported by a “strong and dedicated team” with deep expertise in banking and investment.
