Access Bank UK, the UK arm of Access Holdings, has announced a significant move to acquire a majority stake in AfraAsia Bank, Mauritius’ fourth largest bank by assets. The acquisition marks an important step in Access Bank’s expansion strategy to strengthen its African presence through targeted investments in financial centres.
In Mauritius, where financial services account for about 13.1% of GDP, Access Bank provides a key platform for expanding its retail and corporate banking operations and facilitating trade finance opportunities. Based in Port Louis, AfraAsia Bank has been a major player since its inception in 2007 and specializes in corporate and retail banking, global business banking and wealth management. It has a representative office in Johannesburg.
With total assets of over $5.7 billion as of mid-2024, it was a natural decision for Access Bank to establish a strategic presence in Mauritius to expand cross-border trading opportunities across Africa. Access Bank CEO Roosevelt Ogbonna expressed excitement at leveraging Mauritius as an international hub and said the acquisition is in line with the bank’s mission to support business, trade and financial inclusion in the region.
The deal follows several recent acquisitions by Access Bank across the continent. In October, it received approval from Kenya’s competition authority to acquire the National Bank of Kenya from KCB Group in a deal worth about $100 million.
Earlier this year, Access Bank acquired Tanzania’s African Banking Corporation Ltd, ARM Pensions Ltd and Megatech Insurance Brokers Ltd. In October, it also received a provisional banking license in Namibia, underscoring the company’s commitment to have a strong presence in Africa and capitalize on new opportunities offered by the African Continental Free Trade Area (AfCFTA).
Through these acquisitions, Access Bank is diversifying its service offering and positioning itself as a cross-border financial destination across Africa.
