… Expands Footprint In Africa
Access Holdings Plc has announced a major strategic move as its subsidiary, Access Bank UK Limited, secures a majority equity stake in Afrasia Bank Limited. Afrasia Bank, the fourth-largest bank in the Republic of Mauritius by assets, will now integrate into Access Bank’s expansive financial network, strengthening the group’s position within the region.
With Mauritius’ financial sector contributing a significant 13.4% to its Gross Domestic Product (GDP), the acquisition provides Access Bank UK with a robust foundation for growth in both personal and corporate banking segments. The island nation’s role as a financial hub will allow Access Bank to enhance trade finance capabilities and strengthen regional connectivity, enabling seamless cross-border transactions across Africa and beyond.
Afrasia Bank’s impressive financial metrics highlight the scale of the acquisition. As of June 30, 2024, Afrasia reported total assets of over US$5.7 billion and a net profit after tax of US$152.4 million. This acquisition aligns with Access Bank’s broader vision to fortify its presence in Africa and bolster its international banking operations.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group, lauded the acquisition as a milestone in Access Bank’s Pan-African growth strategy.
“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.” Ogbonna stated.
Jamie Simmonds, Managing Director of Access Bank UK, expressed optimism regarding the acquisition’s long-term profitability and its role in diversifying the bank’s earnings.
“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, offering bespoke solutions that enable our clients to access global markets with ease,” Simmonds noted.
Access Bank UK reiterated that it remains committed to fostering sustainable growth, advancing intra- and inter-African trade, and providing innovative financial solutions that support businesses and individuals.
‘’the acquisition process is expected to progress in the coming months, with both parties working closely to complete the transaction and meet regulatory requirements.’’
