Access Bank UK has finalised acquisition of 76% stake in Mauritius’ AfrAsia Bank

Access Bank United Kingdom (UK), a subsidiary of Access Holdings, has finalised the acquisition of a 76 percent majority stake in AfrAsia Bank Limited, the fourth-largest bank in Mauritius by assets.

The development comes eight months after Access Holdings announced that Access Bank United Kingdom (UK) has signed an agreement to acquire a majority stake in the bank’s share capital.

In a statement on Thursday, Afrasia Bank said the acquisition has been finalised after receiving all regulatory approvals.

“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 statement reads.

“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.”

The acquisition makes AfrAsia one of Access Bank UK’s existing international footprints.

“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,” Afrasia Bank added.

“With offices in London, Dubai, Paris, Hong Kong, Malta and Lagos, The Access Bank UK Limited brings extensive international banking expertise and a proven track record of excellence in customer service.”

Afrasia Bank also said Access Bank UK will be supported by its strong and dedicated team, “whose proven track record and extensive ability in banking and investment have contributed to making it one of the leading”