Access Bank UK announces move to acquire Mauritius-based Afrasia Bank

Access Holdings Plc has announced a significant expansion move through its subsidiary, The Access Bank UK Limited (Access UK), which has entered into a binding agreement to acquire a majority stake in Afrasia Bank Limited. Afrasia Bank currently stands as the fourth-largest bank in the Republic of Mauritius by total assets.

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The strategic acquisition targets Mauritius’s robust financial services sector, which contributes 13.4% to the nation’s GDP. Access UK plans to use this opportunity to expand its operations in both personal and corporate banking segments. The company envisions Mauritius as a strategic hub for trade finance and regional connectivity, which will strengthen its ability to facilitate cross-border transactions throughout Africa and beyond.

AfrAsia Bank, established in 2007 and headquartered in Port Louis, maintains a representative office in Johannesburg, South Africa. The bank specializes in corporate banking, private banking, wealth management, global business banking, and treasury services. Operating under the regulation of both the Bank of Mauritius and the Financial Services Commission, AfrAsia Bank reported total assets exceeding $5.7 billion as of June 2024.

Roosevelt Ogbonna, Access Bank’s CEO, expressed enthusiasm about the acquisition, stating, “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.”

This acquisition is part of Access Bank’s broader expansion strategy across Africa. In October 2024, the bank received approval from the Competition Authority of Kenya to acquire the National Bank of Kenya from KCB Group in a deal valued at approximately $100 million. Earlier that year, the bank had also acquired African Banking Corporation of Tanzania Limited in June, and ARM Pensions and Megatech Insurance Brokers Ltd in January.

Further strengthening its continental presence, Access Bank secured a provisional banking license from the Bank of Namibia in October 2024. This license, effective from October 4, 2024, enables the bank to commence operations in Namibia, advancing its African expansion strategy and supporting its goals to diversify revenue streams and capitalize on opportunities created by the African Continental Free Trade Area (AfCFTA).

Here’s what it means for you:

1. This could signal positive growth potential as the bank expands its international presence.
2. Potentially improved cross-border banking services across Africa and better trade finance facilities if you’re involved in international business.
3. More international banking options, especially for business or personal transactions within Mauritius.

Source; Business Hallmark, Westernpost.

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