Access Holdings PLC ("Access Holdings") announced that its subsidiary, The Access Bank UK Limited ("Access UK"), has signed a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited ("AfrAsiaBank"), the third-largest bank in Mauritius by total assets.
Mauritius, with a strong financial services sector contributing 13.4% to its GDP, offers Access UK a stable base for expanding its personal and corporate banking services. This acquisition positions Mauritius as a strategic hub for Access Bank's trade finance and cross-border connectivity across Africa and beyond.
For the fiscal year ending June 30, 2024, AfrAsiaBank reported total assets of over $5.7 billion and a net profit after tax of $152.4 million. The acquisition marks a significant step in Access Holdings’ mission to strengthen its Pan-African footprint.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of Access Holdings’ Banking Group, highlighted the acquisition’s alignment with the bank’s goal to become the "World’s Most Respected African Bank." He emphasized Mauritius's role as an international financial hub and expressed optimism about the opportunities to drive trade, support businesses, and promote economic inclusion in the region.
Jamie Simmonds, Managing Director of Access Bank UK, added that AfrAsiaBank's strong balance sheet and brand presence in Mauritius will support Access UK's growth and diversification goals. Simmonds emphasized that the acquisition is aimed at providing clients with seamless access to global markets while ensuring long-term profitability.
Access Bank UK remains dedicated to sustainable growth, innovative financial solutions, and advancing trade relationships between Africa and the world, contributing to economic transformation across the continent.
The parties would be working in the coming months to complete the acquisition and would continue to make the required disclosures.