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The Access Bank (UK)Limited to Acquire Mauritius-based AfrAsiaBank Limited
Access Holdings PLC(“Access Holdings”)
today announces that its banking group’s, subsidiary, The Access Bank UK Limited
(“the Access UK”) has entered into a binding agreement to acquire a majority equity
stake in AfrAsiaBank Limited (“AfrAsiaBank”), the Republic of Mauritius’ thirdlargest
bank by total assets.
Mauritius, renowned for its robust financial services sector which contributes 13.4% to
its Gross Domestic Product, provides Access UK with a solid foundation to expand its
operations in the high-growth personal and corporate banking segments. 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.
The transaction represents a transformational step forward for the Access UK and the
overall Access Holdings’ banking franchise. At the end of its fiscal year ended June
30, 2024, AfrAsiaBank recordedTotal Assets of more than US$5.7 billion and Net
Profit After Tax of US$152.4 million.
Commenting on the acquisition, Roosevelt Ogbonna, Managing Director/CEO of
Access Bank Plc andthe CEO of the Banking Group said:
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing
our position as a leading Pan-African financial institution. Mauritius offers immense
potential as an international financial hub, and through AfrAsiaBank, 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.”
Jamie Simmonds, Managing Director of the Access Bank UKadded:
“With a strong balance sheet and a well-established brand in Mauritius, AfrAsiaBank
provides us with a sustainable platform to scale and achieve long-term profitability.
The deal aligns with our strategy to diversify and future-proof our earnings; and offer
bespoke solutions enabling our clients to access global markets with ease.”
The Access Bank UK remains focused on fostering sustainable growth and delivering
innovative financial solutions that empower businesses and individuals, while
advancing intra-and inter-African trade, unlocking opportunities, and contributing to
its economic transformation. Access Bank UK remains committed to providing
innovative financial solutions and fostering trade relations between Africa and the rest
of the world.