Access Holdings’ subsidiary Access Bank UK has signed a binding agreement to acquire a majority equity stake in Mauritius-based AfrAsia Bank from its major shareholders IBL and the National Bank of Canada.
The financial terms of the deal were not disclosed.
Through the proposed deal, Access Bank UK aims to expand its operations in the high-growth personal and corporate banking segments.
It is also expected to provide the bank with a strong foothold in Mauritius’ growing financial sector, which contributes 13.4% to the country’s gross domestic product (GDP).
In addition, the transaction will serve as a launchpad for expanding trade finance and regional connectivity, enhancing Access Bank UK’s ability to facilitate cross-border transactions across Africa and beyond.
According to Access Bank UK, the transaction represents a pivotal moment in the evolution of the bank’s and Access Holdings’s broader banking franchise.
Established in 2007, AfrAsia Bank reported total assets exceeding $5.7bn and a net profit after tax of $152.4m in its fiscal year ended 30 June 2024.
Afrasia Bank provides a range of services across several key banking sectors. Its corporate banking division offers commercial and corporate banking solutions, including cash management and mergers and acquisitions (M&A) services.
The global business banking sector delivers products and services tailored to the needs of global businesses, trusts, funds, and foundations. Private banking and wealth management unit offers day-to-day consumer banking and investment solutions to individual clients.
Besides the treasury and markets division provides cudstomised foreign exchange, interest rate, and structured derivative solutions for both local and regional markets.
Afrasia Bank stated: “Our valued customers can rest assured that there are no changes to our current operations, and we remain fully committed to maintaining our high standards of service.
“We look forward to embarking on this new chapter of growth and excellence in banking services.”
Headquartered in London’s financial district, Access Bank UK is regulated by the UK’s Prudential Regulation Authority and the Financial Conduct Authority.
Access Holdings, listed on the Nigerian Stock Exchange, operates across three continents and serves more than 60 million customers in 22 markets through a network of over 700 branches and service outlets.
The company employs approximately 28,000 people and maintains subsidiaries throughout Africa, the UK, and Europe.
In addition to its banking operations, Access Holdings also serves customers in payments, pension administration, and insurance.
Access Bank managing director and CEO Roosevelt Ogbonna 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.”
The acquisition is subject to the completion of customary due diligence, regulatory approvals, and other conditions precedent.
