Access Bank Acquires 76% Stake in AfrAsia as Part of Pan-African Expansion Strategy

Access Bank Plc, Nigeria’s largest bank by assets, has taken a significant step in its continental growth agenda by acquiring a 76% stake in AfrAsia Bank, a leading Mauritius-based financial institution.

The acquisition, executed through The Access Bank UK Limited and its wholly owned subsidiary, marks a major milestone in the bank’s international expansion strategy and strengthens its position as a dominant force in African banking.

“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,” the tier-one lender said in a statement.

AfrAsia Bank, ranked as the fourth-largest bank in Mauritius by assets, boasts a strong balance sheet and an established presence in one of Africa’s key financial centres. As of June 30, 2024, the bank reported over $5.7 billion in assets and a net profit of $152.4 million, figures that highlight its value as a strategic acquisition target.

The move is aligned with Access Bank’s broader expansion strategy. While several Nigerian banks continue to face headwinds from high inflation and currency depreciation, Access Bank has doubled down on regional diversification and scale.

This latest deal follows a string of strategic acquisitions, including an 80% stake in Finance Trust Bank in Uganda, full ownership of the National Bank of Kenya, and the recent purchase of African Banking Corporation in Tanzania, now rebranded as Access Bank Tanzania.

Together, these developments underscore Access Bank’s ambition to lead the African banking corridor while forging stronger links with global financial markets.

The AfrAsia acquisition has received all necessary regulatory approvals. IBL Ltd, AfrAsia’s founding shareholder, retains a minority stake of 7.89%, ensuring strategic continuity and local alignment. By maintaining legacy ownership and leveraging the regulatory credibility of Mauritius, Access Bank is embedding itself within a jurisdiction known for transparency and compliance with international standards.

The timing and rationale behind the deal are especially significant. As traditional global banks scale back their presence in emerging markets, Access Bank is stepping in with capital, confidence, and long-term vision. Its growing footprint now spans Nigeria, Kenya, South Africa, Zambia, Rwanda, Tanzania, and beyond, forming an integrated banking network capable of supporting cross-border payments, trade finance, and large-scale investment flows.

This is more than a growth play. It is a transformational move that reflects strategic foresight and a bold vision for the future of African finance. Access Bank is not simply expanding; it is laying the groundwork for a pan-African financial ecosystem built for the long term.