November 15, (THEWILL) – Access Holdings Plc has announced a significant milestone in its expansion strategy.
Its banking subsidiary, The Access Bank UK Limited, has secured a binding agreement to acquire a majority equity stake in Afrasia Bank Limited, Mauritius’ fourth-largest bank by total assets.
The move, disclosed in a statement to the Nigerian Exchange (NGX) and signed by Sunday Ekwochi, the company’s secretary, was made public on November 14, 2024.
This acquisition represents a major strategic shift for Access UK and its parent company, Access Holdings, leveraging Mauritius’ well-established financial services landscape.
Highlighting the importance of this development, the disclosure noted, “Mauritius, renowned for its robust financial services sector, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments.”
Afrasia Bank, at the close of its fiscal year on June 30, 2024, reported total assets exceeding US$5.7 billion and a net profit after tax of US$152.4 million. These figures underscore its solid financial position, making it an attractive target for Access Holdings’ broader growth strategy.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and CEO of the Banking Group, underscored the strategic importance of the acquisition. “This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution,” Ogbonna stated.
Jamie Simmonds, Managing Director of The Access Bank UK, also commented on the acquisition’s implications for long-term growth. “With a strong balance sheet and a well-established brand in Mauritius, Afrasia Bank provides us with a sustainable platform to scale and achieve long-term profitability,” Simmonds noted.
The acquisition of Afrasia Bank is the latest in a series of strategic moves by Access Holdings in 2024 to solidify its presence across Africa.
Earlier in the year, the company acquired an 80 per cent stake in Uganda’s Finance Trust Bank, completed a full acquisition of National Bank of Kenya, and purchased the African Banking Corporation of Tanzania, now rebranded as Access Bank Tanzania.
The Bank had also hosted the French Week 2024 Business Forum at its headquarters in Lagos, affirming its commitment to bolstering trade relations between Nigeria and France.
The hosting event, which kick-started the annual French Week celebration, highlighted Access Bank’s dedication to fostering bilateral business collaborations and creating a platform for growth, trust, and innovation in the France-Nigeria economic space.
The Business Forum attracted high-profile dignitaries, including the Ambassador of France to Nigeria, the Consul General of France in Lagos, President of the Franco-Nigeria Chamber of Commerce and Industry, and Chairman of Access Holdings Plc.
In his opening remarks, Mr. Laurent Favier, the Consul General of France, acknowledged Access Bank’s growing presence in France, further underscoring the bank’s pivotal role in facilitating trade between the two nations. He lauded Access Bank for championing France-Nigeria economic relations by establishing both a strong footprint in Paris and a dedicated French Desk in Nigeria to facilitate seamless business transactions.
Aigboje Aig Imoukhuede, Chairman of Access Holdings PLC, who also serves as President of the France-Nigeria Business Council, emphasised the council’s role in supporting economic policies that enhance the business environment for both nations.
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