The Access Bank UK has bought a majority stake in Mauritian lender AfrAsia Bank, as part of a strategy of expansion in Africa.

Access Bank UK, a subsidiary of Nigeria’s Access Holdings, says in a statement it plans to leverage Mauritius “as a strategic hub for trade finance, wealth management, and corporate banking services”.

Although only home to a small local market, Mauritius has positioned itself as a financial services hub for lenders wanting to do business across Africa and Asia, including trade finance providers.

London-headquartered Access Bank UK has a strong focus on trade finance between Africa and international markets. The bank has branches in Paris and Dubai, and in October opened a branch in Hong Kong.

It has purchased the AfrAsia stake from Canadian lender National Bank and Mauritian conglomerate IBL Ltd.

The bank did not respond when asked what percentage of AfrAsia shares it will own or how much it paid for the investment. IBL said its stake was 30.29%, adding in a statement that it would use the proceeds of the sale to reduce its debt and boost its investment portfolio. National Bank did not respond to a request for comment.

“With its strong balance sheet, established brand, and prominent position in Mauritius, Afrasia Bank provides us with a sustainable foundation for future growth,” Access Bank UK’s chief executive Jamie Simmonds says. “This acquisition aligns perfectly with our strategic goals to diversify our earnings, enhance shareholder value, and provide our clients with innovative solutions that facilitate global business.”

Roosevelt Ogbonna, managing director of Access Bank’s Nigerian entity, says the deal will help “enhance trade” and support economic growth.

The deal is subject to regulatory approval and closing conditions.

AfrAsia says in a statement from its company secretary that “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”.