Access Bank UK Acquires Majority Stake in AfrAsia Bank

Access Bank UK to acquire AfrAsia Bank, expanding into Mauritius’ $5.7B
banking sector and driving trade finance across Africa and beyond.

On November 14, 2024, Access Bank UK, a subsidiary of Access Holdings, announced
plans to acquire a majority equity stake in AfrAsia Bank, Mauritius’ fourth-largest bank
by total assets.

This move strengthens Access Bank’s broader strategy to expand its presence across
Africa through targeted acquisitions.

Expanding into Mauritius’ Financial Hub

The acquisition will enable Access Bank UK to extend its personal and corporate
banking services into Mauritius, a nation where financial services contribute 13.1% to
the GDP.

Founded in 2007 and headquartered in Port Louis, AfrAsia Bank specialises in
corporate and private banking, global business services, and treasury solutions.
As of June 30, 2024, AfrAsia Bank reported total assets exceeding $5.7 billion.

Leveraging Mauritius for Trade Finance

Access Bank aims to use Mauritius as a strategic hub for trade finance and regional
connectivity, enhancing its ability to facilitate cross-border transactions across Africa
and beyond.

CEO Roosevelt Ogbonna underscored the significance of the deal, 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.”

Strengthening Africa’s Banking Landscape

This deal is one of several acquisitions by Access Bank in 2024.
In October, the bank secured a provisional banking licence in Namibia, marking a
significant milestone in its African expansion under the African Continental Free Trade
Area (AfCFTA).

Earlier in the year, Access Bank acquired African Banking Corporation of Tanzania
Limited, ARM Pensions, and Megatech Insurance Brokers Ltd.

East Africa in Focus

Access Bank also awaits regulatory approval to complete its $100 million acquisition of
the National Bank of Kenya, a move expected to boost its footprint in East Africa.

These acquisitions underline Access Bank’s determination to solidify its leadership in
Africa’s banking sector and diversify revenue streams across the continent.