Access Holdings Plc, through its banking subsidiary, Access Bank UK Limited, has secured a deal to acquire a majority stake in Afrasia Bank Limited, Mauritius’ fourth-largest bank by assets.
The deal was disclosed in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.
After recent Kenya and Tanzania acquisitions, the Afrasia Bank deal represents a strategic leap in Access Bank’s regional ambitions.
According to the disclosure, Mauritius’ solid financial ecosystem will enable Access UK to grow its service offerings and customer base across high-growth segments.
Mauritius’ financial sector accounts for 13.4% of the country’s Gross Domestic Product. ThisDay reports.
The statement from Access Bank reads:
Commenting on the acquisition, Roosevelt Ogbonna, managing director/CEO of Access Bank Plc and CEO of the Banking Group, said:
Jamie Simmonds, managing director of Access Bank UK, added:
Earlier, TimesNow.com.ng reported that Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank.
The CBN has consistently assured Nigerians that banks are safe and funds in customers’ accounts are fully secured.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
