Lagos, Nigeria – Access Holdings Plc, through its subsidiary Access Bank UK Limited, has entered into a binding agreement to acquire a majority equity stake in Afrasia Bank Limited, the fourth-largest bank in the Republic of Mauritius by total assets. The deal marks a strategic move for Access Bank as it continues to solidify its position as a leading Pan-African financial institution with a growing presence in international markets.
Strengthening Regional and Global Operations
The acquisition of Afrasia Bank, which reported total assets of over $5.7 billion and a net profit after tax of $152.4 million for the fiscal year ending June 30, 2024, provides Access Bank with a solid platform for expanding its operations in Mauritius. Mauritius is recognized for its dynamic financial services sector, which contributes 13.4% to the island nation’s GDP, making it a key gateway for accessing trade finance and corporate banking opportunities across Africa and beyond.
In a statement, Roosevelt Ogbonna, Managing Director/CEO of Access Bank and CEO of the broader Access Holdings banking group, highlighted the strategic importance of the acquisition: “This transaction represents a significant milestone in our African growth strategy. Mauritius is a well-established international financial hub, and with Afrasia Bank’s strong balance sheet, we are positioned to accelerate trade and economic inclusion, unlocking new opportunities for businesses and individuals alike.”
A Hub for Trade Finance and Cross-Border Connectivity
The acquisition is a crucial step for Access Bank UK in enhancing its capacity to facilitate cross-border transactions, leveraging Mauritius as a strategic hub for trade finance and expanding its reach across high-growth markets in Africa, Asia, and other global regions. The bank’s leadership sees this deal as pivotal to accessing a broader client base, diversifying revenue streams, and expanding its footprint in the fast-growing sectors of personal and corporate banking.
Jamie Simmonds, Managing Director of Access Bank UK, added, “With Afrasia Bank’s established presence and strong brand in Mauritius, we now have a sustainable platform for growth. This acquisition aligns with our strategy to diversify our earnings, future-proof our business, and offer bespoke financial solutions that enable our clients to easily access global markets.”
A Transformational Step for Access Bank’s Global Ambitions
The acquisition of Afrasia Bank is part of Access Bank’s broader ambition to be recognized as the “World’s Most Respected African Bank.” The deal comes at a time when Access Bank is enhancing its footprint across key African markets and expanding into emerging global markets. This move aligns with the bank’s strategic goal of being a leading player in global trade and finance.
The transaction is expected to bring significant synergies, including strengthened regional connectivity, new business opportunities, and a broader suite of financial services to both corporate and retail customers. The deal also reinforces Access Bank’s commitment to driving financial inclusion and economic development across the African continent and beyond.
Next Steps and Ongoing Developments
Both parties will continue working on completing the acquisition in the coming months and will provide the necessary regulatory disclosures as the deal progresses. Access Bank’s leadership remains optimistic about the potential of this partnership to deliver sustainable growth and long-term profitability.
As Access Bank continues its strategic expansion, the acquisition of Afrasia Bank is set to become a key component of its growth story, unlocking significant potential for trade, investment, and economic growth across Africa and the Indian Ocean region.
Access Bank’s acquisition of Afrasia Bank underscores its commitment to enhancing its Pan-African and international presence, leveraging Mauritius’ position as a financial services hub to bolster trade finance, regional connectivity, and cross-border banking services. As the deal moves toward completion, it sets the stage for Access Bank to expand its reach, diversify its income streams, and continue its mission to become a dominant player in the global financial ecosystem.