Access Bank UK, a subsidiary of Access Holdings, has announced its acquisition of majority equity stake in AfrAsia Bank, Mauritius’ fourth-largest bank by total assets. This move, announced on the company’s website on Thursday, November 14, is part of Access Bank’s strategy to enhance its African presence by leveraging acquisitions to drive growth and expand its financial services.
Chief Executive Officer and Managing Director of The Access Bank UK Limited, Mr Jamie Simmonds, expressing his confidence in the deal said: “With its strong balance sheet, established brand, and prominent position in Mauritius, Afrasia Bank provides us with a sustainable foundation for future growth.”
The acquisition will allow Access Bank UK to extend its personal and corporate banking services to Mauritius, a nation where the financial services sector contributes 13.1 percent to its Gross Domestic Product (GDP). AfrAsia Bank, established in 2007 and headquartered in Port Louis, specialises in corporate banking, private banking, wealth management, global business banking, and treasury services. As of June 30, 2024, the bank reported total assets exceeding $5.7 billion.
Read also: New fintech DigMo offers gamified wealth-building for Zambia’s underprivileged
Using Mauritius as a trade finance hub
In a regulatory filing, Access Holdings emphasised Mauritius’ strategic value as an international financial hub. The acquisition is expected to strengthen Access Bank’s capacity to facilitate cross-border transactions across Africa and beyond, leveraging Mauritius as a hub for trade finance and regional connectivity.
“This is a pivotal milestone in our journey to deepen Access Bank’s influence both in Africa and globally. By joining forces with Afrasia Bank, we are poised to enhance trade, support economic growth, and provide innovative solutions that meet the evolving needs of our clients,” said Roosevelt Ogbonna, CEO of Access Bank.
Expanding through acquisitions across Africa
The AfrAsia Bank deal marks another milestone in Access Bank’s aggressive African expansion strategy. In October, the bank received regulatory approval from Kenya’s Competition Authority for its $100 million acquisition of the National Bank of Kenya from KCB Group. Earlier this year, Access Bank acquired African Banking Corporation of Tanzania Limited in June and completed deals for ARM Pensions and Megatech Insurance Brokers Limited in January.
Read also: Banxso Scandal: 260 South Africans claim over R160 million in losses due to false ads
Access Bank’s expansion is not limited to acquisitions. In October 2024, it secured a provisional banking licence from the Bank of Namibia, enabling the bank to begin operations in Namibia.
This development aligns with its broader plan to diversify revenue streams and capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA).
Positioning for growth and inclusion
The acquisition of AfrAsia Bank reflects Access Bank’s commitment to fostering economic inclusion and strengthening its pan-African presence. With Mauritius serving as a hub for trade finance, the bank aims to streamline cross-border transactions and provide innovative financial solutions tailored to businesses and individuals across the continent.
This move positions Access Bank as a leading player in Africa’s evolving financial landscape, further solidifying its reputation as a driver of growth and connectivity.