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Access Bank is making headlines again! The bank has secured another major deal, this time acquiring a majority stake in Afrasia Bank Limited, Mauritius’ fourth-largest bank. This move is part of Access Bank’s plan to grow bigger across Africa and beyond.
The deal was announced in a statement by Sunday Ekwochi, Access Holdings' secretary. Afrasia Bank is known for its strong presence in Mauritius, a country with a solid financial system. The financial sector in Mauritius contributes 13.4% to the country’s economy.
Why this deal is important
Access Bank plans to use Mauritius as a hub to connect with other African markets and support trade across the continent. Afrasia Bank will also help Access Bank offer better services to its customers, both personal and corporate.
Afrasia Bank has assets worth over $5.7 billion and made a profit of $152.4 million in its last fiscal year, ending June 2024. This makes the acquisition a big win for Access Bank as it continues to expand.
CEO shares his thoughts
Roosevelt Ogbonna, the managing director of Access Bank, called the acquisition a "pivotal moment" for the bank. He said, "Mauritius offers immense potential as an international financial hub. Through Afrasia Bank, we are unlocking new opportunities to drive trade, support businesses, and grow across the region."
Jamie Simmonds, managing director of Access Bank UK, also expressed excitement. He said Afrasia Bank’s strong balance sheet and brand will help Access Bank achieve long-term success.
This deal follows Access Bank’s recent acquisitions in Kenya and Tanzania, showing that the bank is serious about becoming one of Africa’s top financial institutions.
Stay tuned as Access Bank continues to make waves in the banking world!
