Access Bank UK, a subsidiary of Access Holdings, a financial services group with a market capitalisation of ₦1.28 trillion, will acquire a majority equity stake in Afrasia Bank, Mauritius’ fourth largest bank by total assets.
The acquisition will help Access Bank UK expand its personal and corporate banking services to Mauritius with a robust financial services sector which contributes 13.1% to the country’s Gross Domestic Product (GDP). Afrasia Bank recorded total assets of more than $5.7 billion at the end of its fiscal year ended June 30, 2024.
“Furthermore, Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond,” Access Holdings said in a regulatory filing on Thursday.
The deal continues Access Bank’s strategic expansion across Africa through acquisitions. In October, the Competition Authority of Kenya (CAK) approved Access Bank’s acquisition of the National Bank of Kenya (NBK) from KCB Group. That deal is thought to be worth $100 million. In June, the bank acquired African Banking Corporation of Tanzania (ABCT) Limited. In January, it acquired pension firm, ARM Pensions, and Megatech Insurance Brokers Ltd.
“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,” said Roosevelt Ogbonna, Access Bank CEO.
