Menu

Access Bank UK, a subsidiary of Access Holdings, a leading Nigerian financial services group, will acquire a majority equity stake in Afrasia Bank, Mauritius’ fourth-largest bank by total assets.

The acquisition will see Access Bank UK expand its personal and corporate banking services to Mauritius with a robust financial services sector, which contributes 13.1% to the country’s GDP.

Afrasia Bank posted total assets of more than $5.7 billion at the end of its fiscal year ended 30 June 2024.

Access Holdings said in a regulatory filing last month that Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.

“Mauritius offers immense potential as an international financial hub, and through Afrasia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank,” said Roosevelt Ogbonna, Access Bank CEO.