By Ayomide Otitoju
Access Bank has entered into an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth largest bank by total assets in Mauritius, valued at $5.7 billion as of mid-2024. Access Holdings Plc, the parent company of Access Bank, announced the acquisition on Thursday through a corporate filing on the Nigerian Exchange Limited.
The acquisition enables Access Bank to leverage Mauritius as a strategic hub for trade finance and regional connectivity, strengthening its ability to support cross-border transactions across Africa and international markets. The financial services sector currently contributes around 13.4% to Mauritius’ Gross Domestic Product (GDP).
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, described the acquisition as a crucial step in the bank’s growth strategy across Africa. “This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution,” Ogbonna 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, advancing our mission to become the World’s Most Respected African Bank.”
Jamie Simmonds, Managing Director of Access Bank UK, echoed Ogbonna’s optimism, noting Afrasia Bank’s established brand and financial strength in Mauritius. “With a strong balance sheet and a well-established brand, Afrasia Bank provides us with a sustainable platform for growth and long-term profitability,” Simmonds said. “This acquisition aligns with our strategy to diversify, future-proof our earnings, and offer tailored solutions that empower clients to access global markets with ease.”
The transaction represents a significant step forward for Access UK and the broader Access Holdings banking franchise. Afrasia Bank reported total assets of $5.7 billion and a net profit after tax of $152.4 million as of June 30, 2024.
Access Bank UK emphasized its commitment to sustainable growth and innovative financial solutions that support intra- and inter-African trade, unlock opportunities, and contribute to economic transformation.
Access Holdings has been actively expanding its footprint this year, acquiring several key assets across Africa and beyond, including its recent office opening in Hong Kong.
