Access Bank Plc, via its UK subsidiary, has acquired a 76 percent majority stake in Mauritius-based AfrAsia Bank Limited, marking its second cross-border acquisition in just a month as it accelerates its pan-African and international growth strategy.
The deal, approved by the Bank of Mauritius and the Financial Services Commission, is seen as a strategic move to deepen Access Bank’s global footprint and enhance service delivery across high-growth markets.
“The Board of Directors of AfrAsia Bank Limited wishes to inform stakeholders that The Access Bank UK Limited has completed the acquisition of a 76 percent majority stake in the bank’s share capital,” a company statement confirmed on Thursday.
Access Bank to keep AfrAsia Bank’s minority shareholders
With its headquarters located in the Mauritius International Financial Centre, AfrAsia Bank serves customers in high-growth markets through its representative office in South Africa.
In keeping with investor confidence, the bank will keep its original shareholder, IBL Ltd., as a minority stakeholder with a 7.89 percent equity holding.
By merging operational strength with established customer service and financial governance, the acquisition expands Access Bank UK’s global presence in London, Dubai, Paris, Hong Kong, Malta, and Lagos by integrating AfrAsia’s platform.
According to the statement, Access Bank UK Limited possesses a strong balance sheet, outstanding capital adequacy ratios, and is founded on sound corporate governance and financial risk management.
“Access Bank UK Limited will be supported by the bank’s strong and dedicated team, whose proven track record and extensive ability in banking and investment have contributed to making it one of the leading banking institutions in the region,” the statement added.
Access Bank’s acquisition of Standard Chartered Tanzania
This transaction marks the bank’s second foreign acquisition in a month, following its June acquisition of Standard Chartered Tanzania’s Consumer, Private, and Business Banking division.
Through the acquisition of Tanzania, Access Bank strengthens its position as a provider of inclusive, technologically advanced financial services throughout East Africa.
These purchases support Standard Chartered’s global wealth management business and are in line with the company’s strategic reorganisation, which also includes recent withdrawals from operations in Angola, Cameroon, The Gambia, and Sierra Leone.
These two acquisitions in quick succession point to a bigger goal: making Access Bank a globally relevant pan-African powerhouse that can adapt to the changing needs of its clientele, which is increasingly digitally connected and astute about investments.