Emmanuel Ojukwu
Access Holdings Plc has announced that its UK subsidiary, Access Bank UK, has entered into a binding agreement to acquire a majority stake in Afrasia Bank Limited, a significant player in Mauritius’ financial sector.
The acquisition, detailed in a Nigerian Exchange (NGX) disclosure on November 14, 2024, is seen as a strategic move to bolster Access Bank’s presence in Africa and position it as a leading Pan-African financial institution.
Mauritius, known for its robust financial services sector, offers a promising environment for Access Bank UK to expand its operations in personal and corporate banking. The acquisition will also enable the bank to leverage Mauritius as a hub for trade finance and facilitate cross-border transactions across Africa and beyond.
Afrasia Bank, a well-established financial institution, reported total assets exceeding US5.7 billion and a net profit after tax of US152.4 million at the end of its fiscal year on June 30, 2024.
Key Executive Comments
Roosevelt Ogbonna, Group CEO of Access Bank, highlighted the significance of the acquisition, stating that it reinforces the bank’s position as a leading Pan-African financial institution.
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution”, he said.
He further emphasized Mauritius’ role as an international financial hub and expressed the bank’s commitment to driving trade, supporting businesses, and promoting economic inclusion across the region.
Also commenting, Jamie Simmonds, Managing Director of Access Bank UK, emphasized the strategic fit between the two banks, noting Afrasia Bank’s strong balance sheet and established brand. He highlighted the acquisition’s potential to diversify Access Bank UK’s revenue streams, secure long-term profitability, and offer tailored solutions to clients seeking access to global markets.
