The Access Bank UK Limited Announces Acquisition of Majority Stake in Afrasia Bank Limited
We are pleased to announce the acquisition of a majority shareholding in Afrasia Bank Limited, the fourth-largest bank in Mauritius. This acquisition marks a significant step in The Access Bank UK’s ongoing strategy to expand its presence in key African markets and strengthen its global footprint.
With total assets exceeding US$5.7 billion and a net profit of US$152.4 million for the fiscal year ending June 30, 2024, Afrasia Bank presents an exciting opportunity for Access Bank to leverage Mauritius as a strategic hub for trade finance, wealth management, and corporate banking services. As a leading financial centre in the Indian Ocean region, Mauritius offers Access Bank a unique platform to enhance regional connectivity and facilitate cross-border trade between Africa, Asia, and
global markets.
Strategic Expansion in Africa and Beyond
This acquisition underscores The Access Bank UK’s commitment to furthering its mission to support economic growth, trade, and financial inclusion across Africa and beyond. Mauritius’ strong regulatory framework and robust financial infrastructure provide an ideal environment for The Access Bank UK to expand its service offerings in wealth management, trade finance, and other high-growth sectors.
Jamie Simmonds, Chief Executive Officer and Managing Director of The Access Bank UK Limited, commented: “We are thrilled to welcome Afrasia Bank into the Access Bank family. With its strong balance sheet, established brand, and prominent position in Mauritius, Afrasia Bank provides us with a sustainable foundation for future growth. This acquisition aligns perfectly with our strategic goals to diversify our earnings, enhance shareholder value, and provide our clients with innovative
solutions that facilitate global business.”
Enhancing Cross-Border Trade and Financial Connectivity
The acquisition further strengthens The Access Bank UK’s ability to serve clients across Africa, the UK, Europe, the Middle East, and Asia. With operations already established in Zambia, Mozambique, Botswana, Angola, and South Africa, Access Bank is uniquely positioned to drive cross-border commerce and foster regional integration. This acquisition will enhance the bank’s capabilities in facilitating trade and investment while offering businesses and individuals access to a broader range of financial services and global markets.
Roosevelt Ogbonna, Managing Director of Access Bank Plc, shared his enthusiasm for the acquisition: “This is a pivotal milestone in our journey to deepen Access Bank’s influence both in Africa and globally. By joining forces with Afrasia Bank, we are poised to enhance trade, support economic growth, and provide innovative solutions that meet the evolving needs of our clients.”
A Future-Focused Partnership
As part of the integration process, The Access Bank UK will work closely with Afrasia Bank to ensure a smooth transition and adherence to all regulatory requirements. The partnership will focus on maintaining operational continuity and upholding the highest standards of governance, ensuring that clients continue to receive the same high level of service they expect.
“We are committed to working alongside Afrasia Bank’s experienced leadership team to create a seamless integration process and deliver long-term value to our clients, shareholders, and stakeholders,” added Jamie Simmonds.
This acquisition marks a new chapter for The Access Bank UK, further advancing its position as a leading player in the global banking landscape. As Access Bank continues to expand its operations, the bank is dedicated to fostering financial inclusion, driving trade, and supporting economic growth in Africa and beyond.
