Access Holdings Plc has announced that its banking subsidiary, The Access Bank UK Limited, has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, the Republic of Mauritius’ third largest bank by total assets.

Mauritius, renowned for its robust financial services sector which contributes 13.4 per cent to its output, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments, a statement by the bank said.

It added that Access Bank would 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 transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise. At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded a total asset of more than $5.7 billion and a net profit after tax of $152.4 million.

Commenting on the acquisition, Managing Director/CEO of Access Bank and the CEO of the banking group, Roosevelt Ogbonna, said: “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.”
  
Managing Director of Access Bank UK, Jamie Simmonds added: “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.”