Access Bank UK has acquired a majority stake in Mauritius' Afrasia Bank, marking a major expansion in Africa. The acquisition strengthens Access Bank UK's corporate and personal banking operations and establishes Mauritius as a strategic hub for trade finance, enhancing cross-border transactions across Africa and beyond.
Access Bank UK has acquired a majority stake in Afrasia Bank Limited, a prominent financial institution in Mauritius, marking a significant expansion in the region. The acquisition aims to enhance Access Bank UK’s personal and corporate banking services, positioning the bank to increase cross-border transactions and trade finance in Africa and beyond.
Mauritius was chosen for its strategic value as a growing financial hub, contributing 13.4% to the country’s GDP. The acquisition will help Access Bank leverage Mauritius’ position to grow its regional presence and facilitate trade finance across Africa. At the close of its fiscal year in June 2024, Afrasia Bank reported over $5.7 billion in total assets and a net profit of $152.4 million, strengthening Access Bank’s footprint.
Roosevelt Ogbonna, CEO of Access Bank, emphasized that the acquisition aligns with the bank’s ongoing growth strategy across Africa. He highlighted Mauritius as a crucial international financial hub for trade and economic inclusion. Jamie Simmonds, Managing Director of Access Bank UK, noted that the deal offers a sustainable platform for long-term profitability, enabling easier access to global markets.
This acquisition supports Access Bank’s mission to enhance trade, economic inclusion, and regional business opportunities while solidifying its position as a leading Pan-African financial institution. The company remains committed to expanding its reach across African markets as part of its strategic growth initiatives.
