Access Holdings Plc has continued its expansion plans with the acquisition of a majority equity stake in Afrasia Bank Limited, the Republic of Mauritius’ fourth-largest bank by total assets.
In a disclosure statement published on the Nigerian Exchange (NGX) platform and signed by the company’s secretary, Sunday Ekwochi, on November 14, 2024, the lender announced that its banking subsidiary, The Access Bank UK Limited, has entered into a binding agreement to acquire the Mauritanian entity.
Afrasia has over $5 billion in total assets, making the acquisition as one of Access’s best moves in line with the vision of its late founder, Herbert Wigwe.
According to the disclosure, the transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise, leveraging the robust financial services sector of Mauritius.
“Mauritius, renowned for its robust financial services sector, which contributes 13.4% to its gross domestic product, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments,” the statement reads.
The statement also said Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity.
It believes that this will enhance its capacity to facilitate cross-border transactions across Africa and beyond.
Speaking on this acquisition, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group, stated that the acquisition marks a pivotal moment in the company’s African growth strategy.
“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution.”
The banker described Mauritius as an international financial hub, stating that through Afrasia Bank, the holding company will drive trade, support businesses, and promote economic inclusion across the region while continuing its mission to become the World’s Most Respected African Bank.
Adding his input, Mr Jamie Simmonds, Managing Director of Access Bank UK, said the deal supports the company’s strategy to diversify and secure future earnings while offering tailored solutions for clients to access global markets with ease.
“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,” he said.
So far, Access Holdings has expanded its footprint through strategic acquisitions, including an 80 per cent stake in Uganda’s Finance Trust Bank, the full acquisition of National Bank of Kenya, and the purchase of African Banking Corporation of Tanzania, now Access Bank Tanzania.
The company also merged with ARM Pensions Managers to form Access ARM Pensions, one of Nigeria’s largest pension administrators.
