Access Bank UK, a subsidiary of Access Holdings, has announced its plans to acquire a majority equity stake in AfrAsia Bank, which is Mauritius’ fourth-largest bank by total assets. This acquisition is a key component of Access Bank’s broader strategy to strengthen its presence across Africa through targeted acquisitions. This strategic move aims to expand Access Bank UK’s personal and corporate banking services into Mauritius, a nation where the financial services sector contributes 13.1% to the Gross Domestic Product (GDP).
Established in 2007, AfrAsia Bank is headquartered in Port Louis, Mauritius, and also has a representative office in Johannesburg, South Africa. The bank specializes in corporate banking, private banking and wealth management, global business banking, and treasury and markets services. It is authorized and regulated by the Bank of Mauritius and the Financial Services Commission. As of June 30, 2024, AfrAsia Bank reported total assets exceeding $5.7 billion.
This acquisition underscores Access Bank’s commitment to leveraging Mauritius as a strategic hub for trade finance and regional connectivity. By doing so, Access Bank aims to enhance its capacity to facilitate cross-border transactions across Africa and beyond.
Roosevelt Ogbonna, CEO of Access Bank, stated;
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.
In October, the Competition Authority of Kenya approved Access Bank’s acquisition of the National Bank of Kenya from KCB Group, a deal valued at approximately $100 million. Earlier, in June, Access Bank acquired African Banking Corporation of Tanzania Limited, and in January, it acquired ARM Pensions and Megatech Insurance Brokers Ltd.
Also in October 2024, Access Bank secured a provisional banking license from the Bank of Namibia, marking a significant milestone in its African expansion strategy. The license, effective from October 4, 2024, enables Access Bank to begin operations in Namibia, expanding its footprint across the continent. This move aligns with Access Bank’s broader plan to diversify its revenue streams and capitalize on opportunities created by the African Continental Free Trade Area (AfCFTA).
