Access Holdings Plc, through its subsidiary The Access Bank UK Limited, has sealed a groundbreaking agreement to acquire a majority equity stake in Afrasia Bank Limited, Mauritius’ fourth-largest bank by assets.
This strategic acquisition, announced via the Nigerian Exchange (NGX) on November 14, 2024, marks a significant expansion in Access Holdings’ pan-African banking operations.
The acquisition not only solidifies Access Bank’s standing in Mauritius’ robust financial sector, which contributes 13.4% to the country’s GDP, but also aligns with Access Holdings’ ambitious growth strategy across Africa. 
With Afrasia Bank’s well-established brand and strong asset base—reporting over $5.7 billion in total assets and a net profit of $152.4 million for the fiscal year ending June 30, 2024—the acquisition provides a valuable foothold in the region for personal and corporate banking services.
Roosevelt Ogbonna, CEO of Access Bank Plc, described the acquisition as a pivotal step in the company’s pan-African strategy, stating that it reinforces Access Holdings’ mission to become “the World’s Most Respected African Bank.”
According to Ogbonna, the acquisition allows Access Bank to leverage Mauritius as a strategic hub, enhancing trade finance capabilities and facilitating cross-border transactions throughout Africa.
Jamie Simmonds, Managing Director of Access Bank UK, echoed Ogbonna’s sentiments, emphasizing that Afrasia Bank’s strong balance sheet offers a solid foundation for long-term profitability. He highlighted that the acquisition supports Access Holdings’ vision to diversify revenue streams and increase profitability by offering clients tailored solutions for accessing global markets.
This acquisition is one of several expansion moves by Access Holdings in 2024, following its 80% acquisition of Uganda’s Finance Trust Bank, the full acquisition of National Bank of Kenya, and the purchase of African Banking Corporation of Tanzania, now rebranded as Access Bank Tanzania.
These acquisitions reflect Access Holdings’ commitment to expanding its footprint across Africa, even as its market capitalization remains under $1 billion, despite a recent 35% increase in share price to around N24.75 as of November 13, 2024.
