Access Bank Plc, through its UK-based subsidiary Access Bank UK Limited, has acquired a 76% controlling interest in AfrAsia Bank Limited, a Mauritius-based commercial bank known for facilitating cross-border financial services between Africa, Asia, and global markets.
The acquisition, now complete following regulatory approvals from both the Bank of Mauritius and the Financial Services Commission, underscores Access Bank’s intent to enhance its international service delivery and strengthen its connectivity across strategic regions.
Widening the Bank’s International Footprint
Recognized for its role in connecting high-growth markets, AfrAsia Bank is headquartered in the Mauritius International Financial Centre and operates a representative office in South Africa. The bank is widely regarded for its private banking and wealth management offerings tailored to affluent individuals and corporates.
IBL Ltd, AfrAsia’s founding shareholder, will remain involved with a 7.89% minority stake, reflecting continued institutional confidence in the bank’s prospects.
This acquisition expands Access Bank UK’s reach across major financial hubs—including London, Dubai, Hong Kong, Paris, Malta, Lagos, and now Mauritius—bringing together operational scale and international expertise.
Strengthening Service Quality and Financial Resilience
An official statement from AfrAsia Bank noted that Access Bank UK is built on a foundation of strong capital adequacy, robust financial risk management, and sound corporate governance. “The Access Bank UK Limited will be supported by the Bank’s dedicated and experienced team whose contributions have positioned it as a leading financial institution in the region,” the statement added.
The addition of AfrAsia enhances Access Bank’s capabilities to deliver high-quality financial services to a global client base with growing demand for seamless and secure banking solutions.
Part of a Broader Expansion Strategy
Just weeks before the AfrAsia deal, Access Bank completed the acquisition of Standard Chartered’s Consumer, Private, and Business Banking operations in Tanzania, a move that deepened its presence in East Africa.
That transaction was part of Standard Chartered’s ongoing portfolio restructuring, which involves exiting select African markets—including Angola, The Gambia, Cameroon, and Sierra Leone—to prioritize its global wealth management strategy.
Building a Pan-African Institution with Global Relevance
Together, these swift acquisitions reflect a broader vision: positioning Access Bank as a pan-African powerhouse capable of bridging regional markets with international capital flows and tech-enabled services. By integrating AfrAsia Bank’s well-established platform and client base, Access Bank is taking a significant leap toward becoming a globally competitive, customer-centric banking group.
This latest move demonstrates Access Bank’s readiness to serve the evolving needs of digitally connected, investment-driven clients across Africa and the world.
