Access Bank Plc, through its wholly owned subsidiary Access Bank UK Limited, has acquired a 76% majority stake in AfrAsia Bank Limited, a commercial bank based in Mauritius.
The deal marks a significant milestone in Access Bank’s ongoing global expansion drive, which now appears to be unfolding at a rapid pace.
The acquisition received full regulatory clearance from the Bank of Mauritius and the Financial Services Commission, sealing Access Bank’s entrance into one of Africa’s top-rated international financial centers.
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AfrAsia Bank, headquartered in Mauritius’ International Financial Centre, is known for its role in bridging African, Asian, and global markets. Its client base includes high-net-worth individuals, family offices, corporations, and international investors operating in fast-growing economies. The bank also maintains a representative office in South Africa, reinforcing its continental relevance.
“The Board of Directors of AfrAsia Bank Limited wishes to inform stakeholders that The Access Bank UK Limited has completed the acquisition of a 76% majority stake in the bank’s share capital,” AfrAsia said in a statement confirming the transaction.
IBL Ltd, AfrAsia’s founding shareholder, will retain a 7.89% minority stake, signaling sustained investor confidence even as majority ownership changes hands.
The deal extends Access Bank UK’s operational reach beyond its current international locations—London, Dubai, Paris, Hong Kong, Malta, and Lagos—and folds AfrAsia into its growing global network.
Access Bank UK is noted for its strong balance sheet, prudent financial governance, and high capital adequacy levels. AfrAsia is expected to benefit from these institutional strengths while preserving its client-focused banking model.
“The Access Bank UK Limited will be supported by the Bank’s strong and dedicated team, whose proven track record and extensive ability in banking and investment have contributed to making it one of the leading banking institutions in the region,” the joint statement added.
Second Deal in One Month: A Pattern of Aggressive Expansion
This acquisition comes just weeks after Access Bank finalized its takeover of Standard Chartered’s Consumer, Private, and Business Banking division in Tanzania, signaling a deliberate expansion into East Africa. The Tanzanian acquisition was part of Standard Chartered’s broader exit strategy from smaller African markets, including Angola, Cameroon, The Gambia, and Sierra Leone, as it pivots toward high-value global wealth clients.
Access Bank’s back-to-back acquisitions suggest a deliberate strategy to strengthen its pan-African footprint while simultaneously extending its global banking capabilities, particularly in offshore banking and wealth management, two areas in which AfrAsia already has operational expertise.
These moves also reflect Access Bank’s bid to capture a growing investment-savvy and mobile client base that demands cross-border financial solutions, modern digital platforms, and access to international markets.
Access Bank is Nigeria’s largest bank by assets. As of Q1 2025, it had total assets of N39.08 trillion, approximately $25.43 billion.
What The Deal Means for Access Bank
Access Bank gains not just a gateway into Mauritius’ sophisticated financial services sector by integrating AfrAsia into its ecosystem, but also a strategic springboard to Asia and offshore investment flows. Mauritius, long seen as a conduit for capital into Africa, offers tax treaties, robust financial regulations, and a stable economic environment, making it a valuable base for banking operations.
Access Bank’s bold international acquisitions reinforce its ambition to become Africa’s gateway to the world—a financial powerhouse that competes not just within Africa but globally. The swift execution of these deals within a month suggests that more regional and international transactions could be on the horizon.
While global financial institutions continue to recalibrate and exit smaller African markets, Access Bank appears poised to fill the vacuum, building a continent-wide and globally connected banking institution with the scale and vision to serve both emerging and mature economies.