By LOVETH AZODO, Lagos
In a move set to broaden its African footprint, Access Holdings PLC announced today that the Access Bank (UK) Limited, its subsidiary, has signed a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, one of Mauritius’ top financial institutions.
According to a statement signed by the company’s Secretary, Sunday Ekwochi, the acquisition marks a significant milestone in Access Bank’s expansion strategy, positioning it to tap into the high-growth financial markets across Africa and beyond.
Mauritius, known for its robust financial sector contributing 13.4% to its GDP, offers a strategic foundation for Access Bank’s ambitions. With AfrAsia Bank as a new subsidiary, Access Bank (UK) aims to leverage Mauritius as a trade finance hub, enhancing cross-border transaction capabilities to support African and global markets.
This acquisition strengthens Access Bank’s ability to serve the personal and corporate banking sectors in a growing market, while establishing a regional presence for increased connectivity.
AfrAsia Bank’s recent fiscal records highlight its strong market position, with total assets exceeding US$5.7 billion and a net profit of US$152.4 million as of June 2024.
Commenting on the acquisition, Roosevelt Ogbonna, CEO of Access Bank Plc and head of the Banking Group, described the deal as a “pivotal moment” in the bank’s African growth trajectory. “Mauritius presents immense potential as an international financial hub,” he noted, adding that AfrAsia Bank would unlock fresh opportunities for trade and economic inclusion across the region.
Jamie Simmonds, Managing Director of Access Bank UK, noted that AfrAsia Bank’s established presence in Mauritius aligns well with Access Bank’s diversification goals.
“This acquisition provides us with a sustainable platform for profitability and growth, with AfrAsia’s strong balance sheet, we can support clients with bespoke solutions that facilitate access to global markets,” Simmonds said.
As the acquisition process progresses, Access Bank (UK) and AfrAsia Bank are set to work collaboratively to finalize the transaction.
Access Bank remains committed to expanding intra-African and international trade opportunities, underscoring its mission to be a leading Pan-African financial institution. Further updates on the acquisition’s completion will be provided in the coming months.
For Records7 days ago