Access Bank Acquires 76% Stake in AfrAsia Bank to Bolster International Presence
Access Bank has acquired a 76% majority stake in Mauritius-based AfrAsia Bank in a landmark deal that deepens the lender’s international expansion strategy and strengthens its footprint across Africa and the Indian Ocean financial corridor.
The acquisition, which has received full regulatory approval from both Nigerian and Mauritian authorities, marks a significant milestone in Access Bank’s ambition to become Africa’s gateway to the world. The deal was executed through Access Bank UK Limited, the international subsidiary of Access Holdings Plc.
AfrAsia Bank, headquartered in Port Louis, is one of Mauritius’ top-tier financial institutions with a focus on private banking, corporate banking, and global business services. As of June 30, 2024, the bank had assets exceeding USD 5.7 billion and posted a net profit of USD 152.4 million, making it the fourth-largest bank in Mauritius by assets.
The transaction also includes a strategic minority shareholding retained by Mauritius’ IBL Group, which sold a portion of its 30.29% stake but continues to hold approximately 7.89%. IBL described the divestment as consistent with its “Beyond Borders” strategy, aimed at repositioning its investment portfolio while remaining aligned with AfrAsia’s long-term goals.
Speaking on the acquisition, Roosevelt Ogbonna, Group CEO of Access Bank, said the move was driven by the bank’s mission to establish a robust international network linking key trade hubs. “Mauritius is a highly strategic entry point for Asian-African trade and financial flows. With AfrAsia’s well-established platform, we are strengthening our ability to serve global clients with local expertise,” he said.
Jamie Simmonds, CEO of Access Bank UK, added that the acquisition complements Access’ broader strategy of expanding into high-potential markets. “This transaction aligns with our commitment to scaling operations in markets with significant economic links to Africa, while enhancing offshore wealth, trade, and investment services.”
The deal comes amid a wave of consolidation in the African banking landscape, with lenders increasingly pursuing cross-border acquisitions to drive scale, diversification, and digital innovation. In recent years, Access Bank has completed several strategic acquisitions in Kenya, South Africa, Mozambique, Zambia, and Botswana.
Access Bank’s move echoes a broader trend among African financial institutions expanding internationally. In 2024, Ecobank announced its entry into the UAE, while Stanbic Bank consolidated operations across East Africa developments that highlight the growing ambition of African lenders to position themselves as global financial players.
Industry analysts view the AfrAsia acquisition as a bold step that underscores Access Bank’s long-term vision of becoming a pan-African financial services powerhouse with global capabilities. The bank’s management has reiterated that its five-year strategic plan includes targeting key financial gateways in Africa, Europe, and Asia to support trade, diaspora banking, and capital flows.
AfrAsia Bank is expected to retain its branding and leadership team for the foreseeable future, with integration plans to be carried out in phases. Both parties have affirmed their commitment to preserving the bank’s institutional heritage while enhancing product offerings and service quality for clients.
