The Access Bank UK Limited, a subsidiary of Access Bank Plc Bank Plc, has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited Bank Limited (“Afrasia Bank”), the Republic of Mauritius’ fourth largest bank by total assets, with a Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million(At the end of its fiscal year ended June 30, 202).
Access UK seeks to utilize Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.
IBL, National Bank of Canada, Intrasia Group, and BMH Ltd (an IBL subsidiary), currently constitute the major shareholding in Afrasia Bank, with 30, 20, 9, and 6 percent respectively.
Access Holdings has this year broadened its footprint with strategic acquisitions, including Finance Trust Bank in Uganda (80% stake), National Bank of Kenya (100% acquisition), and African Banking Corporation of Tanzania, operating as Access Bank Tanzania. The transaction represents a transformational step forward for Access UK and the overall Access Holdings’ banking franchise
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