Access Bank UK, a subsidiary of Access Holdings, has announced plans to acquire a majority equity stake in Afrasia Bank, Mauritius’ fourth-largest bank by total assets.
Access Holdings, a financial services group with a market capitalisation of approximately $1.67 billion, aims to strengthen its personal and corporate banking services through this strategic acquisition.
Mauritius boasts a robust financial services sector that contributes 13.1% to its Gross Domestic Product (GDP), making it an attractive market for expansion. Afrasia Bank, which reported total assets exceeding $5.7 billion as of June 30, 2024, will serve as a critical platform for Access Bank’s regional operations.
Access Holdings highlighted the strategic importance of this move in a regulatory filing on Thursday, stating, “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 acquisition of Afrasia Bank is the latest in a series of strategic moves by Access Bank to expand its presence across Africa. In 2024 alone, the bank has finalised several key acquisitions:
October: The Competition Authority of Kenya approved Access Bank’s acquisition of the National Bank of Kenya (NBK) from KCB Group in a deal reportedly valued at $100 million.
June: Access Bank completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, reinforcing its presence in East Africa.
January: The bank entered the pensions and insurance markets by acquiring ARM Pensions and Megatech Insurance Brokers Ltd.
Mauritius, renowned as an international financial hub, presents significant opportunities for Access Bank to drive trade, support businesses, and enhance economic inclusion across the region. With Afrasia Bank’s established operations and market presence, Access Bank intends to strengthen its trade finance capabilities and facilitate seamless cross-border transactions.
“Mauritius offers immense potential as an international financial hub,” said Roosevelt Ogbonna, CEO of Access Bank. “Through Afrasia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion as we continue our mission to be the world’s most respected African bank.”
With a market capitalisation of approximately $1.67 billion, Access Holdings is among Africa’s leading financial services groups. The acquisition of Afrasia Bank aligns with its goal of bolstering Africa’s financial landscape, supporting economic growth, and expanding trade networks across the continent and beyond. By leveraging Mauritius’ strategic location, Access Bank continues to solidify its position as a key player in Africa’s financial sector.
