Business
BREAKING: Access Holdings Plc Acquires Majority Stake in Mauritius’ Afrasia Bank
BREAKING: Access Holdings Plc Acquires Majority Stake in Mauritius’ Afrasia Bank
In a significant development for the financial landscape of Africa, Access Holdings Plc has officially announced that its banking subsidiary, The Access Bank UK Limited, has signed a binding agreement to acquire a majority equity stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius by total assets. This landmark acquisition was disclosed on November 14, 2024, via a statement from the Nigerian Exchange (NGX), signed by the company’s secretary, Sunday Ekwochi.
The acquisition is poised to be a transformative step for Access Bank UK, reinforcing Access Holdings’ commitment to expanding its footprint in the robust financial services sector of Mauritius. According to the statement, Mauritius is not only known for its vibrant economy but also contributes an impressive 13.4% to its gross domestic product (GDP) through its financial services sector. This strategic move will enable Access Bank to tap into high-growth personal and corporate banking segments.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, remarked on the significance of this acquisition for the company’s African growth strategy. He emphasized that partnering with Afrasia Bank will enhance trade, support businesses, and promote economic inclusion throughout the region. “This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution,” Ogbonna stated.
Afrasia Bank, which reported total assets US$5.7 billion and a net profit after tax of US$152.4 million at the end of its fiscal year on June 30, 2024, offers Access Bank a solid foundation for future growth. Jamie Simmonds, Managing Director of Access Bank UK, highlighted that Afrasia Bank’s established brand and strong balance sheet provide a sustainable platform for scaling operations and achieving long-term profitability. He noted, “This deal supports our strategy to diversify and secure future earnings while offering tailored solutions for clients to access global markets with ease.”
The acquisition also positions Mauritius as a strategic hub for trade finance and regional connectivity, enhancing Access Bank’s capacity to facilitate cross-border transactions across Africa and beyond.
As Access Holdings Plc embarks on this exciting journey, the financial community eagerly anticipates how this acquisition will not only reshape the banking landscape in Mauritius but also contribute to the broader economic growth of the region.
