Access Bank UK, a subsidiary of Access Holdings, a financial services group with a market capitalisation of ₦1.28 trillion, is set to acquire a majority equity stake in Afrasia Bank, which is the fourth largest bank in Mauritius based on total assets.
This acquisition will enable Access Bank UK to extend its personal and corporate banking services to Mauritius, a country with a strong financial sector contributing 13.1% to its GDP. Afrasia Bank reported total assets exceeding $5.7 billion at the close of its fiscal year ending June 30, 2024.
Access Holdings stated in a regulatory filing that the acquisition will allow Access Bank to use Mauritius as a strategic hub for trade finance and regional connectivity, enhancing its ability to facilitate cross-border transactions across Africa and beyond.
This move is part of Access Bank’s strategic expansion across Africa through various acquisitions. Recently, Access Bank’s acquisition of the National Bank of Kenya from KCB Group was approved by the Competition Authority of Kenya. In addition, the bank has acquired African Banking Corporation of Tanzania Limited, pension firm ARM Pensions, and Megatech Insurance Brokers Ltd.
Access Bank CEO, Roosevelt Ogbonna, expressed excitement about the potential of Mauritius as an international financial hub and the opportunities that the acquisition of Afrasia Bank presents in driving trade, supporting businesses, and promoting economic inclusion across the region.