Mauritian Bank AfrAsia Valued at Over $500M After Major Stake Sale

AfrAsia Bank Limited has been implicitly valued at approximately $522 million (Rs 23.8 billion) following the sale of a significant stake to Access Holdings (Mauritius) Ltd. The valuation, equivalent to over half a billion US dollars, comes as part of a major strategic repositioning and a change in the bank’s leadership.

Key Transaction Details Emerge

The valuation was established by the sale of a 22.40% stake in AfrAsia Bank by IBL Ltd to Access Holdings (Mauritius) Ltd for $117 million.

This transaction, announced via an IBL communiqué, signals the growing interest of international investors in the Mauritian banking sector and provides a strong indicator of the financial institution’s health and attractiveness to foreign banking groups.

IBL Ltd confirmed it has retained a minority stake of 7.89% in AfrAsia Bank, allowing the conglomerate to maintain a strategic link with the bank.

The residual stake sale frees up significant financial resources for IBL to support other strategic areas of its group.

New CEO Takes the Helm

Accompanying the shake-up in shareholding is a major change in AfrAsia Bank’s executive leadership. Vishal Joyram, a former Absa Bank executive, has been appointed as the new Chief Executive Officer (CEO).

This appointment follows the official departure last week of Thierry Vallet, who had served as CEO for several years. Mr. Joyram is expected to leverage his international banking experience to play a key role in the bank’s development under its new ownership structure.

The change in leadership is viewed as part of a broader push to align the bank’s strategy with international standards and secure future growth, aiming to strengthen its position in the regional market and exploit synergies with the new investor, The Access Bank UK Limited.

Regional Market Shifts

The implicit valuation and the reinforced leadership reflect a clear commitment to growth, particularly within the context of a rapidly changing regional market.

The new phase for AfrAsia Bank is aimed at reinforcing its regional market position and fully utilising potential synergies with the new strategic investor.

Source: l’Express