“Access Bank UK Acquires Majority Stake in AfrAsia Bank, with IBL Retaining Strategic Minority Position”

Access Bank UK Acquires Majority Stake in AfrAsia Bank, with IBL Retaining Strategic Minority Position

The Access Bank UK Ltd has completed the acquisition of a 76% majority stake in AfrAsia Bank Limited, a leading Mauritius-based financial institution. The transaction, conducted through Access Holdings (Mauritius) Ltd, has received full regulatory approval.

Mauritian conglomerate IBL Ltd, a founding shareholder of AfrAsia Bank, will retain a 7.89% stake, underscoring what it describes as continued confidence in the bank’s fundamentals and future.

The deal marks a strategic shift for AfrAsia Bank, opening the door to increased capital resources, wider regional access, and new technological capabilities. The backing of Access Bank Group — one of Africa’s largest banking networks, with over 60 million customers across 22 markets and more than 700 branches — is expected to significantly boost AfrAsia’s regional and international competitiveness.

Strengthening the Mauritius Financial Hub

Jamie Simmonds, Chief Executive Officer of The Access Bank UK Ltd, pointed to the strategic importance of Mauritius in the group’s wider expansion plans:
“This acquisition reflects our confidence in Mauritius as a reputable financial centre and in AfrAsia Bank’s leadership within that ecosystem,” he said. “By combining our capabilities, we aim to foster innovation, drive sustainable growth, and enhance financial resilience across our institutions.”
For Access Bank, the deal forms part of a broader ambition to develop a pan-African banking network with international scale. Mauritius is seen as a critical gateway for investment and trade flows between Africa, Asia, and global markets.
IBL’s Portfolio Strategy

Arnaud Lagesse, Group CEO of IBL Ltd, framed the transaction as a strategic portfolio move aligned with IBL’s ‘Beyond Borders’ growth strategy:

“This transaction illustrates IBL’s ability to execute a disciplined portfolio strategy, create long-term value, and ensure a seamless transition for AfrAsia into its next growth phase,” Lagesse said. “We remain a committed partner through our minority stake alongside a continental leader.”

The exit of IBL from majority control is viewed by analysts as consistent with the group’s evolving investment approach, which increasingly focuses on sectors and markets offering long-term value creation.

A Continuity of Brand and Leadership

Despite the change in shareholding structure, AfrAsia Bank will continue to operate under its current brand and management. The bank’s leadership insists that it remains firmly committed to delivering high-end financial solutions to both local and international clients.

Olivier Jauffret, Chairman of AfrAsia Bank’s Board of Directors, welcomed the arrival of the new majority shareholder:

“We are entering this new chapter with strong momentum,” he said. “The support of Access Bank Group will accelerate our strategic development and strengthen our position as a regional leader.”