Access Bank UK Secures 76% Stake in Mauritius' AfrAsia Bank

When Access Bank UK Limited completed the purchase of a 76% majority stake in AfrAsia Bank Limited on July 24, 2025, the deal instantly became the fourth cross‑border takeover the Nigerian lender had sealed this year. The transaction, routed through the bank’s United Kingdom arm and its Mauritian holding Access Holdings (Mauritius) Ltd, received full clearance from the Bank of Mauritius and the island’s Financial Services Commission. For a bank that already boasts footprints in London, Dubai, Paris, Hong Kong, Malta and Lagos, adding Mauritian offshore expertise feels like another piece of a carefully‑planned puzzle.

Background: Access Bank’s aggressive 2025 expansion drive

Access Bank Plc, Nigeria’s largest lender by assets (N39.08 trillion, about $25.43 billion, Q1 2025), has been on a shopping‑spree that would make a retail chain jealous. Earlier in May, it snapped up the National Bank of Kenya from KCB Group, bolstering its East‑African presence. June saw the absorption of Standard Chartered’s consumer, private and business banking units in Tanzania, plus a subsidiary in The Gambia – a deal that had been simmering since 2022. The AfrAsia takeover, announced in November 2024 and sealed nine months later, marks the culmination of a year that saw the bank diversify into wealth management, offshore banking and high‑net‑worth client services across three continents.

Deal specifics: How the Afrasia acquisition unfolded

The purchase price was not disclosed, but the structure is clear: Access Bank UK now holds 76% of AfrAsia’s share capital, while IBL Ltd, the founding shareholder, retains a 7.89% stake. IBL’s continued involvement, the board said, signals “sustained confidence in the Bank.” The agreement travelled through a nine‑month due‑diligence tunnel, culminating in signatures on July 24, 2025. The Mauritian regulator’s green light came after confirming that the transaction met capital adequacy and governance standards – a rigorous test for any offshore banking entity.

Regulatory clearance and shareholder dynamics

The Bank of Mauritius and the Financial Services Commission both issued statements confirming that the acquisition adhered to local banking laws and fit within the island’s strategy to attract quality foreign investment. AfrAsia, the fourth‑largest bank in Mauritius by assets, operates out of the Mauritius International Financial Centre, serving a niche clientele that spans Africa, Asia and emerging markets. By taking control, Access Bank not only gains a foothold in a premier offshore hub but also inherits Afrasia’s robust wealth‑management platform, which is already trusted by high‑net‑worth individuals seeking cross‑border solutions.

Impact on the pan‑African banking landscape

Analysts say the acquisition could reshape how African banks compete for affluent customers. “Traditional African banks have focused on retail and SME lending,” notes Dr. Oluchi Eze, senior economist at the Lagos School of Economics. “Access Bank’s move into offshore wealth management via Afrasia gives it a unique edge – it can now offer clients a seamless bridge between African markets and Asian capital flows.” The move also aligns with the bank’s stated strategy to “scale customer service delivery” and “expand global capabilities,” phrases that echo a broader ambition to become a truly pan‑African financial powerhouse.

Future outlook: What’s next for Access Bank?

With four major cross‑border deals under its belt in 2025, the bank appears poised for more. insiders whisper about potential talks with fintech firms in Nairobi and a possible stake in a European private‑banking platform, though nothing is concrete yet. What is clear, however, is that Access Bank’s balance sheet remains healthy, its capital adequacy ratios comfortably above Basel III thresholds, and its risk‑management framework praised by both Nigerian and international supervisors. In short, the bank has the financial firepower and strategic vision to keep expanding – and the Afrasia deal is likely just the latest chapter.