Grace Ashiru
Access Bank UK, a subsidiary of Access Holdings, a financial services group with a market valuation of ₦1.28 trillion, is set to acquire a majority equity stake in Afrasia Bank, the fourth largest bank in Mauritius by total assets. This strategic move will enable Access Bank UK to expand its personal and corporate banking services into Mauritius, a country renowned for its robust financial services sector, which contributes 13.1% to its Gross Domestic Product (GDP).
As of June 30, 2024, Afrasia Bank reported total assets exceeding $5.7 billion at the close of its fiscal year.
In a regulatory filing released on Thursday, Access Holdings highlighted its plans to position Mauritius as a strategic hub for trade finance and regional connectivity. This approach aims to strengthen the bank’s ability to facilitate cross-border transactions across Africa and other global markets.
Access Bank is steadily advancing its strategic expansion across Africa through a series of acquisitions. In October, the Competition Authority of Kenya (CAK) approved Access Bank’s purchase of the National Bank of Kenya (NBK) from KCB Group, a deal valued at approximately $100 million. Earlier in June, the bank completed the acquisition of African Banking Corporation of Tanzania (ABCT) Limited. Meanwhile, January saw Access Bank expanding its portfolio with the acquisition of ARM Pensions and Megatech Insurance Brokers Ltd.
Highlighting the potential of Mauritius as an international financial hub, Access Bank CEO Roosevelt Ogbonna shared his enthusiasm about the latest venture. “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,” he stated.
