Access Bank Plc, Nigeria’s largest lender by assets, has completed its fourth cross-border acquisition of the year, securing a 76% majority stake in Mauritius-based AfrAsia Bank Limited—nine months after initiating a bidding process.
The deal, first proposed in November 2024, was executed through Access Bank’s United Kingdom subsidiary and received full regulatory approval from the Bank of Mauritius and the country’s Financial Services Commission.
AfrAsia, the fourth-largest bank in Mauritius by assets, plays a key role in linking African and Asian markets—a strategic advantage that aligns with Access Bank’s international ambitions.
In a statement to stakeholders last week, AfrAsia confirmed the deal, saying “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.”
IBL Ltd, AfrAsia’s founding shareholder, will retain a 7.89% stake, reflecting continued investor confidence in the bank’s future under Access Bank’s leadership.
Access Bank UK described the acquisition as part of its long-term strategy to scale customer service delivery and expand global capabilities. The bank said that the transaction builds on its strong foundation in risk management and corporate governance, supported by a healthy balance sheet and solid capital adequacy.
The acquisition further extends Access Bank’s international footprint, which already includes operations in London, Dubai, Paris, Hong Kong, and Malta.
Fourth deal in seven months
The AfrAsia acquisition marks Access Bank’s fourth major cross-border deal in 2025. In May, the lender completed its takeover of the National Bank of Kenya from KCB Group, strengthening its presence in East Africa.
In June, it finalised the acquisition of Standard Chartered’s Consumer, Private, and Business Banking units in Tanzania, as well as a subsidiary in The Gambia—part of a broader transaction initiated with the British lender in 2022.
The pace and scale of these transactions highlight Access Bank’s financial strength and its drive to build a pan-African banking network with global reach.
