Access Bank Plc, Nigeria’s largest lender by assets, has finalized the acquisition of a 76% majority stake in AfrAsia Bank Limited, marking its fourth cross-border acquisition in a year. The deal, first proposed in November 2024, was executed through Access Bank UK Limited, the lender’s wholly owned subsidiary, and received full regulatory approval from both the Bank of Mauritius and the Financial Services Commission.
AfrAsia Bank, headquartered in Mauritius’ International Financial Centre, is one of the country’s largest banks by total assets, with over US$5.7 billion in assets and a net profit after tax of US$152.4 million for the fiscal year ending June 30, 2024. The lender offers services across corporate banking, private banking, wealth management, global business banking, and treasury and markets operations.
Through this acquisition, Access Bank enters Mauritius, a jurisdiction with a well-developed financial services sector that contributes about 13.4% of GDP. Mauritius offers a stable, highly regulated financial environment with access to African and Asian markets, tax treaties, and a reputation as a gateway for cross-border investment. The acquisition of AfrAsia Bank aligns with Access Bank’s strategy to leverage Mauritius as a trade finance and regional connectivity hub.
- Why Standard Chartered Left The Gambia, and What Access Bank Gains
- Why Access Bank Is Injecting Sh 1.9 billion into Its Kenyan Subsidiary
- Access Bank and NOVARE Integrate Payments, Lending, and Insurance Into Malls
IBL Ltd’s stake in AfrAsia Bank Limited, a founding shareholder in the bank, has been reduced to 7.89%, as part of this transaction. The remainder of the shares not acquired by Access Bank are held by other private shareholders.
Jamie Simmonds, CEO of Access Bank UK, stated that the deal strengthens the group’s ability to provide bespoke solutions for clients seeking global market access and enhances diversification of income streams. He noted that Mauritius’ regulatory environment and international treaties make it a valuable entry point for capital flows into Africa and Asia.
Access Bank Cross-Border Takeovers in Recent Years
The AfrAsia transaction marks the fourth Access Bank cross-border takeover from December 2024, as the group accelerates its push for regional and global growth. Previous acquisitions include:
- Bidvest Bank, South Africa (Completed December 2024)
In late 2024, Access Bank Plc finalized a 100% equity acquisition of Bidvest Bank, a prominent second-tier bank in South Africa. The deal aims to merge Bidvest Bank with Access Bank’s existing subsidiary in South Africa to create a stronger presence within the Southern African Development Community (SADC). Bidvest Bank focuses on corporate and business banking, aligning with Access Bank’s long-term goal of strengthening technology-driven services.
- National Bank of Kenya (Completed May 2025)
In May 2025, Access Bank completed its acquisition of the National Bank of Kenya (NBK) from KCB Group, in a transaction valued at approximately US$100 million. The deal was approved by the Competition Authority of Kenya (CAK) and enhances Access Bank’s presence in East Africa. The acquisition expands the bank’s retail and corporate customer base and improves its ability to facilitate cross-border transactions in the East African Community (EAC) region.
- Standard Chartered’s Consumer, Private, and Business Banking Division, Tanzania (Completed June 2025)
In June 2025, Access Bank completed the acquisition of Standard Chartered’s Consumer, Private, and Business Banking operations in Tanzania, a move that strengthens its footprint in the East African retail and SME banking market. The operations have been integrated into Access Bank Tanzania, which also previously absorbed the African Banking Corporation of Tanzania (ABCT).
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.