The Access Bank UK Ltd, a leading pan-African financial services provider, has finalised the acquisition of a 76% majority stake in AfrAsia Bank Limited (the “Bank”), a prominent banking institution based in Mauritius. The transaction has received all necessary regulatory approvals.
Following the transaction, IBL Ltd, a regional conglomerate of Mauritian origin and founding shareholder of AfrAsia Bank, will retain a 7.89% stake in the bank. This continued shareholding reflects IBL’s sustained confidence in AfrAsia Bank.
A strategic partnership for the future
This change in shareholding marks a new chapter in AfrAsia Bank’s development. The bank will now benefit from Access Bank Group’s investment capacity, international network, and banking expertise. The partnership will strengthen the bank’s capital base, accelerate its expansion into high-potential markets, particularly in Africa, and drive further innovation in customer service.
Commenting on the strategic transaction, Jamie Simmonds, Chief Executive Officer/ Managing Director of The Access Bank UK Ltd, said:
“This acquisition reflects our confidence in Mauritius’ position as a well-regulated, strategically important financial hub, and AfrAsia Bank’s established leadership within that ecosystem. Our decision is grounded in a shared commitment to sound governance, regulatory compliance, and sustainable growth. By combining our capabilities, we are positioned to unlock significant synergies, foster innovation across markets, and enhance the financial resilience of our institutions. This transaction is a key enabler of our broader strategy to build a Global banking group that is not only commercially successful but also aligned with international best practices and the evolving expectations of regulators, stakeholders, and the communities we serve.”
Arnaud Lagesse, Group Chief Executive Officer of IBL Ltd, added:
“This transaction aligns with IBL’s ‘Beyond Borders’ strategy, which focuses our investments on strategic growth drivers and sectors that support the Group’s long-term development. It also illustrates IBL’s ability to successfully execute a portfolio management strategy and create long-term value by ensuring a smooth transition into a new phase of growth for AfrAsia Bank. We remain a partner of the bank through a minority shareholding, alongside a respected continental player.”
For his part, Olivier Jauffret, Chairperson of the Board of AfrAsia Bank, commented:
“We are delighted to welcome our new majority shareholder at a time when AfrAsia Bank Limited is experiencing positive momentum. The support of the Access Bank Group will help us accelerate our strategic development and strengthen our position as a regional leader. We look forward to working together within our new Board to seize new opportunities and continue to create value for our customers and partners.”
Continuity rooted in excellence
AfrAsia Bank Limited will continue to operate under its current brand. The Bank remains fully committed to providing best-in-class banking solutions to both local and international clients.
Through AfrAsia Bank Limited, The Access Bank UK Ltd aims to strengthen investment and trade flows between Africa, Asia, and international markets, with Mauritius as a strategic hub.
The Access Bank UK Ltd is a subsidiary of Access Bank Plc, one of Africa’s largest banking groups, serving over 60 million clients through more than 700 branches across three continents and 22 markets. Its strong financial foundation, robust governance, and international reach make it a leading banking partner capable of supporting the Bank’s next phase of growth.
This transaction also highlights Mauritius’ attractiveness as a regional platform for international financial institutions and reinforces IBL’s role as a catalyst for transformational investment in the region.
