Access Holdings reached a binding pact to buy a majority stake in Afrasia Bank, a commercial bank worth over $5.7 billion in assets located in Mauritius, an island country off the southeastern coast of East Africa.
Access Bank UK Limited, a subsidiary of the financial services group, executed the transaction on behalf of its parent company, Access Holdings said in a statement Thursday morning.
The development comes barely five weeks after West Africa’s largest lender’s receipt of the go-ahead to set up a subsidiary in Namibia.
