- IBL Group plans to sell 30.29 of AfrAsia Bank to Access Bank UK, enhancing Access's presence in Africa's financial sector.
- The transaction provides liquidity to IBL, supporting its expansion in East Africa and the Indian Ocean region.
- IBLs revenue surged 96 in H1 2024, driven by strategic acquisitions in East Africa and Reunion, boosting its regional growth.
IBL Group, a leading Mauritian conglomerate led by multimillionaire businessman Arnaud Lagesse, has announced plans to sell its 30.29-percent stake in AfrAsia Bank Limited to Access Bank UK Ltd.
This sale, part of IBLs broader strategy to unlock value from its early investment, is expected to enhance Access Bank UKs growing presence in Africa's financial sector.
The transaction will provide the group with liquidity to further bolster its expansion efforts across the Indian Ocean and East Africa. AfrAsia Bank, which has assets totaling MUR263.7 billion 5.58 billion and deposits of MUR240.3 billion 5.1 billion, is a key player in the Mauritian banking industry.
This move aligns with Access Bank UKs broader acquisition strategy, which has seen its parent company, Access Holdings, establish itself as Nigerias largest lender by assets. As of September 30, Access Holdings reported total assets of N41.1 trillion 24.99 billion , cementing its dominant position in the Nigerian financial services industry.
IBLs beyond borders strategy pays offIBL Groups decision to divest its AfrAsia stake comes on the heels of a robust financial performance in the first half of 2024. Its revenue surged by nearly 96 percent , rising from MUR52.1 billion 1.13 billion in H1 2023 to MUR101.96 billion 2.21 billion in H1 2024.
