Access Bank UK, a subsidiary of Access Holdings with a market capitalisation of ₦1.28 trillion, has announced plans to acquire a majority equity stake in AfrAsia Bank, Mauritius’ fourth-largest bank by total assets. This strategic acquisition marks a significant step in Access Bank’s growth strategy to increase its presence across Africa through targeted acquisitions.
Through this acquisition, Access Bank UK aims to expand its personal and corporate banking services to Mauritius, a country where financial services contribute 13.1% to the Gross Domestic Product (GDP). Established in 2007 and headquartered in Port Louis, AfrAsia Bank specialises in corporate banking, private banking, wealth management, and treasury services. With total assets exceeding $5.7 billion as of June 30, 2024, AfrAsia Bank is authorised and regulated by the Bank of Mauritius and the Financial Services Commission.
Access Bank plans to utilise Mauritius as a strategic hub for trade finance and regional connectivity, enhancing its capacity to facilitate cross-border transactions across Africa and beyond. Roosevelt Ogbonna, CEO of Access Bank, commented on the acquisition, stating, “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.”
This acquisition follows a series of recent expansions by Access Bank across the continent. In October, the Competition Authority of Kenya approved Access Bank’s acquisition of the National Bank of Kenya from KCB Group, in a deal valued at approximately $100 million. Earlier in the year, Access Bank acquired the African Banking Corporation of Tanzania Limited, ARM Pensions, and Megatech Insurance Brokers Ltd. Most recently, Access Bank secured a provisional banking license from the Bank of Namibia in October, enabling the bank to initiate operations in Namibia as part of its broader plan to expand its revenue streams and capitalise on opportunities provided by the African Continental Free Trade Area (AfCFTA).
