Access Bank UK, a subsidiary of Access Holdings, has announced its acquisition of a majority equity stake in Afrasia Bank, Mauritius’ fourth-largest bank by total assets. This strategic move is part of Access Bank’s broader expansion strategy, leveraging Mauritius as a hub for trade finance and regional connectivity.
The acquisition provides Access Bank with an entry into Mauritius’ well-established financial services sector, which contributes 13.1% to the country’s GDP. Afrasia Bank, with total assets exceeding $5.7 billion as of June 30, 2024, will serve as a platform for expanding Access Bank’s personal and corporate banking services in the region.
Positioning Mauritius as a Strategic Hub
Access Bank views Mauritius as a gateway to enhancing cross-border trade and connectivity across Africa and globally. “Mauritius offers immense potential as an international financial hub,” said Roosevelt Ogbonna, CEO of Access Bank. “Through Afrasia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region.”
Mauritius’ strategic location and reputation as a financial hub align with Access Bank’s ambitions to facilitate trade finance while supporting regional businesses in navigating global markets. This acquisition bolsters Access Bank’s ability to offer robust financial solutions across its growing network.
Continued Growth Through Strategic Acquisitions
The Afrasia Bank acquisition builds on a series of recent expansion efforts by Access Bank across Africa. Earlier this year, the Competition Authority of Kenya approved Access Bank’s acquisition of the National Bank of Kenya (NBK) for a reported $100 million. Other notable acquisitions include African Banking Corporation of Tanzania (ABCT) Limited in June and the Nigerian pension and insurance firms ARM Pensions and Megatech Insurance Brokers Ltd in January.
These strategic moves align with Access Bank’s vision of becoming “the World’s Most Respected African Bank,” emphasizing growth through targeted acquisitions in key markets.
Strengthening Market Position
With a market capitalization of ₦1.28 trillion, Access Holdings continues to expand its footprint in Africa’s financial landscape, catering to diverse client needs while reinforcing its position as a leading player in the sector. The acquisition of Afrasia Bank not only strengthens its foothold in the Indian Ocean region but also positions the bank as a key player in the global trade finance ecosystem.
As Access Bank integrates Afrasia Bank into its operations, it sets the stage for enhanced financial inclusion and greater support for businesses across Africa and beyond.