Table of Contents
Key Points
- 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.
- IBL’s 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 IBL’s broader strategy to unlock value from its early investment, is expected to enhance Access Bank UK’s 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 UK’s broader acquisition strategy, which has seen its parent company, Access Holdings, establish itself as Nigeria’s 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.
IBL’s beyond borders strategy pays off
IBL Group’s 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.
The group’s strategic acquisitions in East Africa and Reunion played a major role, contributing over 40 percent of the group’s revenue growth. This strong performance underscores the success of IBL’s “Beyond Borders” strategy, which has focused on expanding its regional presence.
Assets surge as Arnaud Lagesse leads growth
Under Arnaud Lagesse’s leadership, IBL Group’s assets rose by 33 percent, from MUR96.06 billion ($2.09 billion) in June 2023 to MUR127.59 billion ($2.77 billion) by mid-2024. Similarly, total equity grew from MUR36.55 billion ($794.6 million) to MUR44.56 billion ($968.7 million), reflecting the group’s focus on shareholder value while advancing its expansion efforts.
As IBL Group continues to thrive in its regional expansion, the sale of its AfrAsia Bank stake represents a strategic step towards realizing further opportunities across East Africa, while also supporting the growth ambitions of Access Bank UK within the African financial market.
