Access Bank Plc, through its wholly owned subsidiary, Access Bank UK Limited, has completed the acquisition of a 76 percent majority stake in AfrAsia Bank Limited, a Mauritius-based commercial bank known for its financial bridge between Africa, Asia, and the rest of the world.
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The acquisition, which has received full regulatory approval from the Bank of Mauritius and the Financial Services Commission, marks a significant milestone in Access Bank’s global expansion strategy and enhances its capacity to deliver world-class financial services to a broader customer base.
In a statement released by AfrAsia Bank, the board confirmed the development:
“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.”
Headquartered in the Mauritius International Financial Centre, AfrAsia Bank also operates a representative office in South Africa, serving clients across high-growth emerging markets. As part of the new ownership structure, IBL Ltd, AfrAsia’s founding shareholder, will retain a minority stake of 7.89 percent, reflecting continued investor confidence in the bank’s future.
With this acquisition, AfrAsia Bank joins Access Bank UK’s international network, which includes offices in London, Dubai, Paris, Hong Kong, Malta, and Lagos. The integration is expected to bolster operational capacity, risk management frameworks, and customer experience across regions.
Access Bank UK, the statement said, is supported by a strong team with a solid track record in banking and investment, underpinned by robust corporate governance and sound financial fundamentals.
“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,” it added.
The AfrAsia deal comes just weeks after Access Bank announced its acquisition of Standard Chartered Bank’s Consumer, Private, and Business Banking operations in Tanzania, significantly expanding its presence in East Africa.
Both transactions align with Access Bank’s mission to build a strong pan-African franchise with global relevance, offering inclusive, tech-driven financial solutions across diverse markets.
The acquisitions also reflect a broader industry trend, as global banks like Standard Chartered restructure to focus on core strengths such as wealth management exiting retail operations in countries like Angola, Cameroon, The Gambia, and Sierra Leone.
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