Access Bank Takes 76% Stake in AfrAsia Bank to Boost Global Reach
Why Mauritius Matters in the Deal
Mauritius plays a key role in Africa’s financial ecosystem, contributing over 13% to national GDP through its financial services sector. The island's strong regulatory framework and strategic location make it an ideal base for cross-border trade, wealth management, and financial services between Africa, Asia, and Europe.
AfrAsia Bank: A Strong Addition
AfrAsia Bank’s financial performance underscores its appeal:
Total Assets: Over US $5.7 billion (as of June 2024)
Net Profit After Tax: US $152.4 million
Leadership Reactions
Roosevelt Ogbonna, CEO of Access Bank Plc, emphasized the deal’s significance:
"This acquisition marks a pivotal moment in our African growth strategy… Mauritius offers immense potential as an international financial hub."
Jamie Simmonds, Managing Director of Access Bank UK, added:
"AfrAsia’s brand and balance sheet provide a scalable, profitable platform. We’re focused on sustainable growth, innovation, and giving clients seamless access to global markets."
A Gateway to Africa-Asia Trade
This move empowers Access Bank to:
Strengthen its trade finance capabilities
Expand client access across global markets
Accelerate its pan-African vision through strategic hubs
The acquisition has already received regulatory approval in Mauritius. IBL Ltd, a founding shareholder of AfrAsia, retains approximately 7.89%, maintaining a minority stake.
Aligning with Broader Expansion Strategy
This deal is part of a wider Access Bank expansion plan. In 2024 and 2025, the group acquired:
Finance Trust Bank (Uganda)
National Bank of Kenya
African Banking Corporation (Tanzania)
Opened new operations in Hong Kong
Access Bank continues to position itself as Africa’s most respected financial institution, with ambitions stretching across emerging markets and global trade corridors.
