Access Holdings Plc has announced that its subsidiary, The Access Bank UK Limited, has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, which is the third-largest bank by total assets in the Republic of Mauritius. In a statement, the company highlighted that Mauritius is renowned for its robust financial services sector, which contributes 13.4% to the country’s Gross Domestic Product.
This provides Access UK with a solid foundation to expand its operations in the rapidly growing personal and corporate banking segments. Moreover, Access Bank plans to use Mauritius as a strategic hub for trade finance and regional connectivity, enhancing its ability to facilitate cross-border transactions throughout Africa and beyond.
The statement added, “This transaction represents a transformational step forward for Access UK and the overall Access Holdings banking franchise. At the end of its fiscal year on June 30, 2024, AfrAsia Bank reported total assets exceeding $5.7 billion and a net profit after tax of $152.4 million.” The statement further noted that the involved parties will work over the coming months to complete the acquisition and will continue to provide the necessary disclosures.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc and the CEO of the Banking Group, commented on the acquisition: “This 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 AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and promote 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 UK, added: “With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale up and achieve long-term profitability.
This deal aligns with our strategy to diversify our earnings and future-proof our business while offering tailored solutions that enable our clients to access global markets with ease.”
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