Access Bank UK acquires majority stake in Mauritius’ Afrasia Bank

Access Holdings has announced that Access Bank United Kingdom (UK) has signed an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by assets.

In a statement on Thursday, Olakunle Aderinokun, head of media relations at Access Holdings, said Mauritius holds a strategic advantage, with the financial sector contributing 13.4 percent to the country’s gross domestic product (GDP).

He said the acquisition will provide Access UK with a robust platform to grow its personal and corporate banking operations.

“Furthermore, Access Bank will utilize Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond,” Aderinokun said.

“The transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise.

“At the end of its fiscal year ended June 30, 2024, Afrasia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.”

Roosevelt Ogbonna, chief executive officer (CEO) of Access Bank, said Mauritius offers immense potential as an international financial hub.

“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position 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 as we continue our mission to be the World’s Most Respected African Bank.”

On his part, Jamie Simmonds, managing director of Access Bank UK, said Afrasia Bank offers the financial institution a sustainable platform for long-term profitability due to its strong balance sheet and reputable brand in Mauritius.

Simmonds said the deal aligns with the bank’s strategy to diversify and future-proof its earnings while enabling clients to access global markets easily.

On October 29, during a media parley, Ogbonna said the bank will continue to invest in other African economies as part of its growth strategy.