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Access Bank UK to Acquire Majority Stake in AfrAsia Bank
Access Bank Acquires AfrAsia Bank: Access Holdings Plc has announced that its UK-based banking subsidiary, Access Bank UK Limited, has signed a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, Mauritius’ third-largest bank by total assets.
Access Bank Acquires AfrAsia Bank
Mauritius, renowned for its robust financial services sector which contributes 13.4 per cent to its Gross Domestic Product, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments.
Access Bank will 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 the Access UK and the overall Access Holdings’ banking franchise.
At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded Total Assets of more than $5.7 billion and Net Profit After Tax of $152.4 million.
Commenting on the acquisition, managing director and Chief Executive of Access Bank Plc, Roosevelt Ogbonna, CEO of the Banking Group said the acquisition “marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution”.
He 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.”
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The Partnership To Provide Access Bank The Platform For Long-Term Partnership
The bank released a statement, which read: “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 Total Assets of more than $5.7 billion and Net Profit After Tax of $152.4 million” the statement added.
The statement further stated: “Access Bank Acquires AfrAsia Bank. The parties would be working in the coming months to complete the acquisition and would continue to make the required disclosures”.
Jamie Simmonds, Managing Director of the Access Bank UK 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.”
The Access Bank UK said it remains focused on fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals, while advancing intra- and inter-African trade, unlocking opportunities, and contributing to its economic transformation. Access Bank UK remains committed to providing innovative financial solutions and fostering trade relations between Africa and the rest of the world.
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