IBL Ltd has entered into an agreement to sell its 30.29% shareholding in AfrAsia Bank Limited to Access Bank UK Limited (registered in England & Wales) The transaction, which was approved by IBL’s Board of Directors, is a strategic move that aligns with IBL’s long-term vision to become a leading East African and Indian Ocean player in its core focus sectors.

Access Bank UK Limited has a strong base in the UK, with a Head Office located in the heart of the City of London. It has operations within Dubai’s International Finance Centre and in Paris, and a representative office in Lagos, Nigeria.

For IBL, this divestment is part of its “Beyond Borders” strategy. It reflects the Group’s proactive approach to capitalising on long-term growth trends by focusing its expansion in strategic markets and sectors in Indian Ocean and East Africa. The proceeds from this divestiture will allow the Group to reduce its debt and be in a better position to manage and grow its investment portfolio in order to continue to create value for its shareholders.

“This agreement with Access Bank UK Limited is a strategic milestone, advancing our plans for long-term investment and growth in Indian Ocean and East African markets,” commented Arnaud Lagesse, Group CEO of IBL Ltd. “We are confident that the extensive financial expertise and robust international experience that Access Bank brings will benefit AfrAsia Bank, its customers and shareholders.”

The transaction is subject to regulatory approval and closing conditions.