Access Holdings has revealed that Access Bank United Kingdom (UK) has entered into an agreement to acquire a majority Ownership in Afrasia Bank Limited, which ranks as the fourth-largest bank in Mauritius by assets.
In a statement released on Thursday, Olakunle Aderinokun, the head of media relations at Access Holdings, emphasized that Mauritius presents a strategic advantage, with its financial sector contributing 13.4 percent to the nation’s gross domestic product (GDP).
He noted that this acquisition will equip Access UK with a solid foundation to expand its personal and corporate banking services.
“Additionally, Access Bank plans to leverage Mauritius as a strategic center for trade finance and regional connectivity, thereby enhancing its ability to facilitate cross-border transactions throughout Africa and beyond,” Aderinokun stated.
“This transaction signifies a transformative advancement for Access UK and the broader Access Holdings banking network.
As of the end of its fiscal year on June 30, 2024, Afrasia Bank reported total assets exceeding US$5.7 billion and a net profit after tax of US$152.4 million.”
Roosevelt Ogbonna, the chief executive officer (CEO) of Access Bank, remarked that Mauritius possesses significant potential as an international financial center.
“This acquisition represents a crucial milestone in our African growth strategy, solidifying our status as a prominent Pan-African financial institution,” he stated.
“Mauritius has vast potential as an international financial hub, and through Afrasia Bank, we are eager to explore new opportunities to promote trade, support businesses, and enhance economic inclusion across the region as we pursue our goal of becoming the World’s Most Respected African Bank.”
Jamie Simmonds, managing director of Access Bank UK, added that Afrasia Bank provides the institution with a sustainable platform for long-term profitability, thanks to its strong balance sheet and esteemed brand in Mauritius.
Simmonds stated that the agreement is in line with the bank's strategy to diversify its revenue streams and safeguard its future earnings, while also facilitating easier access for clients to global markets.
During a media briefing on October 29, Ogbonna mentioned that the bank plans to persist in investing in various African economies as a key component of its growth strategy.