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Access Holdings Plc has announced a significant milestone in its Pan-African expansion strategy. Its UK subsidiary, Access Bank UK, has entered into a binding agreement to acquire a majority stake in Afrasia Bank Limited, a prominent financial institution in Mauritius.
The acquisition, disclosed via the Nigerian Exchange (NGX) on November 14, 2024, reflects Access Bank’s ambition to strengthen its footprint across Africa and enhance its position as a leading player in the Pan-African financial landscape.
Unlocking Opportunities in Mauritius’ Financial Sector
Mauritius, recognized for its robust and strategically positioned financial services sector, offers Access Bank UK a gateway to expand its personal and corporate banking operations. Leveraging Mauritius as a hub for trade finance, the acquisition will facilitate seamless cross-border transactions across Africa and international markets, reinforcing Access Bank’s commitment to driving economic integration on the continent.
Afrasia Bank is a well-established institution with a strong financial foundation, reporting total assets of over $5.7 billionand a net profit after tax of $152.4 million as of its fiscal year ending June 30, 2024.
Executive Perspectives
Roosevelt Ogbonna, Group CEO of Access Bank, described the acquisition as a defining step in the bank’s African growth strategy.
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution,” Ogbonna stated.
He also underscored Mauritius’ role as an international financial hub, highlighting Access Bank’s commitment to fostering trade, supporting businesses, and driving financial inclusion across the region.
Jamie Simmonds, Managing Director of Access Bank UK, noted the strong alignment between the two institutions. He praised Afrasia Bank’s solid balance sheet and established brand, emphasizing the acquisition’s potential to:
- Diversify Access Bank UK’s revenue streams,
- Secure sustainable long-term profitability, and
- Provide tailored solutions to clients seeking seamless access to global markets.
Strategic Significance
The acquisition of Afrasia Bank is expected to enhance Access Bank’s capabilities in delivering innovative financial services across Africa and beyond. By harnessing the strengths of both institutions, Access Bank aims to position itself as a leading facilitator of trade finance, economic inclusion, and regional connectivity in Africa’s evolving financial ecosystem.
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