Access Holdings PLC (“Access Holdings”)
today announces that its banking group’s, subsidiary, The Access Bank UK
Limited (“the Access UK”) has entered into a binding agreement to
acquire a majority equity stake in AfrAsia Bank Limited (“AfrAsia Bank”),
the Republic of Mauritius’ third largest bank by total assets.
Mauritius, renowned for its robust financial services
sector which contributes 13.4% to its Gross Domestic Product, provides Access
UK with a solid foundation to expand its operations in the high-growth personal
and corporate banking segments. Furthermore, 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.
The transaction represents a transformational step forward for the Access UK and the overall Access Holdings’ banking franchise. At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.
Commenting on the acquisition, Roosevelt Ogbonna,
Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group
said:
“This acquisition marks a pivotal moment in our
African growth strategy, reinforcing our position as a leading Pan-African
financial institution. 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.”
Jamie Simmonds, Managing Director of the Access Bank
UK added:
“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. The deal aligns with our strategy to
diversify and future-proof our earnings; and offer bespoke solutions enabling
our clients to access global markets with ease.”
The Access Bank UK remains focused on fostering
sustainable growth and delivering innovative financial solutions that empower
businesses and individuals, while advancing intra- and inter-African trade,
unlocking opportunities, and contributing to its economic transformation.
Access Bank UK remains committed to providing innovative financial solutions
and fostering trade relations between Africa and the rest of the world.
The parties would be working in the coming months to
complete the acquisition and would continue to make the required disclosures.
SUNDAY EKWOCHI
COMPANY SECRETARY
About Access Holdings PLC
Access Holdings PLC (‘the Company’)
operates through a network of more than 700 branches and service outlets,
spanning three continents, 23 countries and over 60 million customers. The
Company serves its various markets through four subsidiaries across the
banking, payment, pension administration and insurance sectors through four
operating companies, viz: Access Bank Plc, Hydrogen Payment Services Company
Limited, Access Pensions Limited, and Access Insurance Brokers Limited.
Access Bank Plc serves its various
markets through three business segments-
Corporate and Investment, Commercial and Retail and has enjoyed what is
Africa’s most successful banking growth trajectory in the last twenty-two
years. Following its merger with Diamond Bank in March 2019, Access Bank Plc
became one of Africa’s largest retail banks by customer base and the Nigeria's
largest bank by total assets.
Hydrogen Payment Services
Company Limited, the payment company, leverages the strong suite of the Bank’s
existing assets and customer base, creating a super fintech that will be
Africa’s most powerful business services network. Hydrogen being a company of
African heritage has a clear understanding of the unique payment challenges
across the continent and is positioned to address these challenges with its
offerings. Its range of products and services, such as InstantPay, Payment
gateway, POS services, Card and Switch processing are gaining traction in the
marketplace and addressing the unique needs of customers.
Access ARM Pensions
Limited, formerly Access Pensions Limited, is one of
Nigeria’s largest Pension Funds Administrator (‘PFA’) by customer base and
Assets Under Management, with nearly ₦3 trillion in assets under management and
serving over 2 million Retirement Savings Account holders.
Access ARM Pensions
Limited is the product of several separate entities. The erstwhile Access
Pensions Limited first became a subsidiary of Access Holdings following the
acquisitions of the former First Guarantee Pension Limited and Sigma Pensions
Limited and their subsequent merger. Subsequently, Access Pensions Limited
merged with ARM Pensions Managers Limited to then form Access ARM Pensions
Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions
Limited will
leverage key relationships and Access’ growing ecosystem across Africa to
unlock greater opportunities for customers.
Access Insurance Brokers
Limited
is a company licensed by the National Insurance Commission that provides
intelligent solutions that mitigate the unique risks faced by individuals and
business in an ever-changing world using leading risk management tools and
governance standards.
Access Holdings Plc strives
to invest in businesses that are committed to sustainable practices and have a
positive impact on the environment.
For media inquiries, please
contact:
Olakunle Aderinokun
Head, Media and Public
Relations
Access Holdings PLC
+2348033204315
 Limited To Acquire Mauritius-Based AfrAsia Bank Limited){kind=link}
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