The Board of Directors of AfrAsia Bank Limited (the "Bank") wishes to inform its stakeholders and the public in general that its anchor shareholders, IBL Ltd and National Bank of Canada, have advised the Bank that they have signed a share purchase agreement with Access Bank UK Limited for the acquisition by Access Bank UK Limited of a majority stake in the Bank's share capital.

 

Access Bank UK Limited is headquartered in London's financial district and is regulated by the UK's Prudential Regulation Authority and Financial Conduct Authority. With offices in London, Dubai, Paris, Hong Kong and Lagos, Access Bank UK Limited brings extensive international banking expertise and a proven track record of excellence in customer service.

 

Access Bank UK Limited is a subsidiary of Access Holdings Plc, one of Africa's leading financial institutions. Access Holdings Plc is listed on the Nigerian Stock Exchange and has over 900,000 shareholders. It operates across three continents through a network of more than 700 branches and service outlets, serving 60 million customers across 22 markets. With approximately 28,000 employees, Access Holdings Plc maintains subsidiaries throughout Africa, the United Kingdom and Europe, along with representative offices in China, Lebanon, India and the UAE.

 

This transaction is subject to the satisfaction of certain conditions precedent including the successful completion of customary due diligence, the obtention of relevant regulatory approvals and any other approvals required by the parties.

 

Our valued customers can rest assured that there are no changes to our current operations, and we remain fully committed to maintaining our high standards of service.  

 

We look forward to embarking on this new chapter of growth and excellence in banking services.

 

The Bank will provide further updates as and when necessary, in accordance with regulatory requirements.

 

By Order of the Board

Company Secretary

 

14 November 2024