Access Bank UK will acquire AfrAsia Bank in Mauritius, expanding its footprint and trade finance capabilities across Africa and beyond.
Access Bank UK Acquires AfrAsia to Deepen African Expansion
By Charles Wachira
On November 14, 2024, Access Bank UK, a subsidiary of Nigeria’s Access Holdings Plc, announced plans to acquire a majority equity stake in AfrAsia Bank, Mauritius’ fourth-largest bank by total assets.
The move marks another bold step in Access Bank’s pan-African growth strategy, as the group leverages strategic acquisitions to broaden its presence across key financial hubs.
Why Mauritius Matters
The acquisition will allow Access Bank to enter Mauritius, a rising international financial hub where financial services contribute 13.1% to GDP, according to government statistics.
Founded in 2007 and headquartered in Port Louis, AfrAsia Bank specialises in:
- Corporate and private banking
- Global business services
- Treasury and trade solutions
As of June 30, 2024, AfrAsia Bank held over $5.7 billion in total assets, positioning it as a significant player in the Indian Ocean financial corridor.
Strategic Gateway for Trade Finance
Access Bank plans to use Mauritius as a launchpad for trade finance, tapping into its stable regulatory environment and strategic location.
“Mauritius offers immense potential as an international financial hub,” said Access Bank CEO Roosevelt Ogbonna.
“Through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region.”
The acquisition aligns with the bank’s strategy to support cross-border transactions and commercial integration under the African Continental Free Trade Area (AfCFTA).
2024: A Year of Acquisitions
This deal is the latest in a series of aggressive expansion moves by Access Bank in 2024:
- October 2024 – Secured a provisional banking licence in Namibia
- Earlier in 2024 – Acquired:
- African Banking Corporation of Tanzania Limited
- ARM Pensions
- Megatech Insurance Brokers Ltd
In addition, Access Bank is awaiting regulatory approval for a $100 million acquisition of National Bank of Kenya (NBK), a move that would further boost its presence in East Africa.
Redefining Africa’s Banking Future
Access Bank’s expanding footprint underscores its ambition to become Africa’s most connected bank, offering personal, corporate, and investment banking services across the continent.
By integrating AfrAsia Bank into its portfolio, the lender aims to diversify revenue streams, enhance trade finance infrastructure, and deepen financial inclusion in key regional markets.
