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IBL Group, the Mauritian conglomerate led by businessman Arnaud Lagesse, has completed the sale of a 22.4 percent stake in AfrAsia Bank Limited to Access Holdings (Mauritius) Ltd, a wholly owned unit of The Access Bank UK Limited. The deal, valued at about $117 million in cash, was confirmed in a company statement.
The sale, which had been in progress since IBL’s cautionary announcement in November 2024 and was updated in July 2025, represents a major adjustment to the group’s financial services portfolio. Following the latest transaction, IBL retains a 7.89 percent interest in AfrAsia Bank, thus signaling a partial exit while keeping a strategic foothold in the bank.
Access Holdings expands via AfrAsia acquisition
Moreover, the transaction has been cleared by regulators and classified as a disclosable deal under Chapter 13 of the Stock Exchange of Mauritius (SEM) Listing Rules. The SEM’s Listing Division approved IBL’s transaction circular on Sept. 30, 2025, allowing for full disclosure and shareholder review.
IBL Management, acting as company secretary, said in a filing dated Oct. 2 that the sale of its stake in AfrAsia Bank aligns with the group’s ongoing strategy to rebalance its investment portfolio. It noted that the sale supports efforts to optimize capital allocation across its diverse holdings, which include operations in commerce, logistics, and life sciences.
AfrAsia Bank, one of Mauritius’ key financial institutions, continues to serve as an important link for cross-border investment and trade between Africa, Asia, and other emerging markets. The deal strengthens Access Holdings' position in Mauritius’ financial sector and supports its broader expansion into offshore banking and wealth management across Africa and Europe.
IBL bets on efficiency and expansion
IBL Group, which was founded more than a century ago, has grown into Mauritius’ largest diversified conglomerate under the leadership of Arnaud Lagesse. The group manages over 300 brands across 22 countries and operates in retail, logistics, financial services and engineering.
The completion of the AfrAsia Bank stake sale comes as IBL sharpens its focus on core markets and operational efficiency. The company said it plans to invest selectively in digital tools and other strategic initiatives. However, its international operations are expected to remain the main growth driver, as rising domestic costs continue to pressure profit margins.
IBL posts strong revenue, profit dips
IBL reported a net profit of MUR4.98 billion ($109.1 million) for the 2025 fiscal year 11 percent less than the MUR5.59 billion ($122.4 million) it made the year before. The drop in profit was driven by higher taxes, lower profits from associates and joint ventures, and the lack of a one-time gain of MUR1.6 billion ($35 million) that was recorded in 2024.
The group's revenue increased by 19 percent rising from MUR101.6 billion ($2.22 billion) to MUR120.8 billion ($2.65 billion). This was due to organic growth and gains from recent acquisitions. Operating profit went up 36 percent to MUR7.4 billion ($162.1 million), reflecting stronger performance from international operations and improved efficiency.
