Access Bank continues its expansion across Africa this time it is the acquisition of AfrAsia Bank in MauritiusThe latest move has further expanded Access Bank’s customer base across East Africa and global marketsAccess Bank is positioning itself as a leading African financial powerhouse with international growth strategyLegit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Access Bank Plc has acquired a 76% majority stake in Mauritius-based AfrAsia Bank Limited.
The Access Bank UK Limited completed this acquisition through its wholly owned subsidiary, Access Holdings (Mauritius) Ltd.
In a statement released by AfrAsia Bank the transaction has received all regulatory approvals from the Bank of Mauritius and the Financial Services Commission.
Access Bank continues expansion across Africa
Photo credit: Accessbank
Source: UGCThe latest move marks a major strategic expansion for Access Bank and is aimed at boosting customer service excellence and global connectivity.
AfrAsia Bank, a commercial bank headquartered in the Mauritius International Financial Centre, serves high-net-worth clients across Africa, Asia, and other emerging markets.
The deal will also see AfrAsia Bank retain its founding shareholder, IBL Ltd, as a minority investor with a 7.89% stake.
The company said in a statement :
“The Board of Directors of AfrAsia Bank Limited (the “Bank”) wishes to inform its stakeholders that The Access Bank UK Limited, a wholly owned subsidiary of Access Bank Plc, has finalised the acquisition of a 76% majority stake in the Bank’s share capital. The transaction has received all necessary regulatory approvals.”IBL Ltd, founding shareholder of AfrAsia Bank Limited, will retain a 7.89% stake in the Bank. This continued shareholding reflects IBL’s sustained confidence in the Bank.”Details about Access Bank UK LimitedAfrasiaban said the Access Bank UK Limited is built on a solid foundation of financial risk management and corporate governance, with a strong balance sheet and excellent capital adequacy ratios.
Access Bank now majority shareholder in Afrasiabank.
Photo credit: Bloomberg/contributor
Source: Getty ImagesThe statement continues:
“With offices in London, Dubai, Paris, Hong Kong, Malta, and Lagos, The Access Bank UK Limited brings deep international banking expertise and a strong track record of delivering excellent customer service. “It will be further supported by AfrAsia Bank’s experienced and dedicated team, whose capabilities in banking and investment have helped position the institution as one of the leading financial players in the region.”Access Bank acquisitions across AfricaThe deal marks Access Bank’s second international acquisition within a month.
In June, it completed the purchase of Standard Chartered’s Consumer, Private, and Business Banking operations in Tanzania, Punch reports.
Zenith Bank to acquire Kenyan Bank Earlier, Legit.ng reported that Nigeria’s Zenith Bank is about to enter the Kenyan market, with talks reportedly underway to acquire a tier-2 bank.
The move, if consummated, will mark Zenith Bank’s first foray into the growing Kenyan market and outside West Africa, and will deepen Nigerian banks’ presence in Kenya.
Zenith Bank will join Access Bank, Guaranty Trust Bank, and United Bank for Africa (UBA) in the Kenyan market.
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Source: Legit.ng
