Access Holdings PLC has announced a landmark agreement for its banking subsidiary, The Access Bank UK Limited (“Access UK”), to acquire a majority equity stake in AfrAsia Bank Limited, Mauritius’ third-largest bank by total assets.
The acquisition marks a strategic milestone in Access Holdings’ expansion across Africa and beyond.
AfrAsia Bank, with total assets exceeding $5.7 billion and a net profit after tax of $152.4 million as of June 30, 2024, is a key player in Mauritius’ robust financial services sector.
This sector contributes 13.4% to the country’s Gross Domestic Product, making Mauritius an attractive hub for financial operations.
The acquisition positions Access UK to deepen its presence in personal and corporate banking while leveraging Mauritius as a strategic trade finance hub for regional and international connectivity.
Strategic Growth and Vision
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group emphasized the significance of the acquisition:
“This acquisition 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 foster 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, highlighted the long-term potential of the deal:
“With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability. The deal aligns with our strategy to diversify and future-proof our earnings; and offer bespoke solutions enabling our clients to access global markets with ease.”
Implications of the Deal
The acquisition is expected to boost Access UK’s capacity to facilitate cross-border transactions and foster economic integration across Africa.
The parties involved will work over the coming months to finalize the acquisition, ensuring full regulatory compliance and transparency.
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