Financial Energy Review
…Becomes First West African Bank in Asian Country…….
The Access Bank UK Limited is proud to announce the official opening of its Hong Kong branch (a restricted licence bank) today.This expansion represents a key milestone in the bank’s global growth strategy and underscores our commitment to serving clients in the Asia-Pacific region.
The launch of the Hong Kong branch establishes The Access Bank UK Limited as the first West African bank to enter the territory, a groundbreaking move to facilitate and accelerate trade flows between Asia and Africa. As a leading international financial centre and gateway to Asia, Hong Kong is ideally positioned to become a strategic hub, strengthening trade and connectivity between the region and Africa. Through our presence in Hong Kong, The Access Bank UK Limited will capitalise on the expanding economic partnership between Asia and Africa, supporting the increasing flow of trade between these regions.
Opening this branch in Hong Kong is a pivotal step in our international expansion. As the first West African bank to establish a presence here, it signifies a major achievement. With the continued growth of our parent company across Africa, the resilience of the Nigerian economy, and long-standing trade ties, Hong Kong serves as the ideal gateway for trade between Asia and Africa.
Speaking at the ceremony, Ambassador Oludare E. Folowosele, Consul General of the Consulate General of The Federal Republic of Nigeria, said, “I am delighted to celebrate today the opening of a Restricted Licence Bank in Hong Kong in the name of The Access Bank UK Limited. This is a huge milestone in the development of trade flows between Asia and Africa as the first West African banking group to attain this status. This also aligns perfectly well onto the Belt and Road initiatives between China and Africa where we see growingpotentials for business flows between the two countries.”
Jamie Simmonds, Founding Chief Executive Officer & Managing Director of The Access Bank UK Limited, expressed his commitment for this strategic initiative, saying, “In recent years, Asia has emerged as Africa’s largest trading region driven by programs like the Belt and Road Initiative. In 2023, China-Africa trade reached an all-time high of USD 282.1 billion, reflecting a 1.5% year-on-year growth. As Asia-Africa economic relations enter a new phase, the timing of our Hong Kong branch launch is ideal to meet the financing and banking needs of our clients in these expanding markets.”
Ernest Law, Managing Director & Chief Executive of The Access Bank UK Limited – Hong Kong Branch, commented, “We are delighted to establish the Hong Kong branch as a key element of The Access Bank UK Limited’s ongoing growth and international expansion strategy. This new branch will enable us to engage more closely with our clients in Hong Kong and strengthen our capacity to provide tailored financial solutions across the region.”
The Access Bank UK Limited – Hong Kong Branch, headed by Ernest Law, will focus on international trade finance and commercial banking. The Hong Kong branch is expected to initially employ circa 25 people however this will grow with controlled expansion over time.
###
About Access Bank PLC
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 23 countries and over 60 million customers. The Bank employs over 28,000 people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.
Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
About The Access Bank UK Limited
The Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority, which puts us in a strong position to support opportunities in Organisation for Economic Co-operation of Development (OECD) markets for parent and the Group’s customers.
We are parent’s OECD operational hub and support the flow of investment into markets in Nigeria and Africa. We are also authorised by the Dubai Financial Services Authority (DFSA) to run our Dubai operation – located in the Dubai International Finance Centre (DIFC) – which enables us to assist with trade and investment requirements between Africa and the Middle East and North Africa (MENA) region. Our Paris Branch is regulated by the French Prudential Supervision and Resolution Authority (ACPR).
The Bank is a wholly owned subsidiary of Access Bank Plc (our parent), a company listed on the Nigerian Stock Exchange as stated above. Our focus is on building long-term relationships, and working collaboratively with our customers, to better understand their goals and develop strategies that are specifically tailored to their needs. We provide our employees with ongoing support and development opportunities, which reflects in their dedication and professionalism. We are very proud that Investors in People (IIP) have re-accredited us Platinum Status, reaffirming our commitment to excellence in people management.
The Bank is led by a team of experienced people dedicated to delivering superior financial solutions to businesses and individuals. Our staff have worked in the African, MENA, European and other international marketplaces, and offer a wealth of knowledge and in-depth experience.
In common with parent, the Bank is committed to developing a sustainable business model for the environment in which it operates. This is apparent in our moderate appetite for risk, a passion for customer service and a commitment to working in close partnership with our customers to forge long-term relationships with them.
We play a key role in parent’s and Group’s vision “to be the world’s most respected African bank”. As such, we refuse to chase unsustainable yields as a route to growth, but instead focus on the strength of our customer relationships to develop the business in a measured, structured and sustainable way
About The Access Bank UK Limited Hong Kong Branch
The Access Bank UK Limited, Hong Kong Branch offers a broad range of products and services to assist with trade and corporate needs in Africa and Asia. The Branch is situated in the Central District of Hong Kong Island and is regulated by the Hong Kong Monetary Authority (HKMA).
The Hong Kong team offers bespoke services tailored to meet customers’business requirements and the Relationship Managers are dedicated to delivering excellent customer service and working closely with customers to fully understand their business requirements. The Hong Kong team believe in building long term relationships with customers so that they receive the best possible service, we tailor our products to specific requirements and work with customers to meet varied and evolving needs as their businesses grow.
The Hong Kong Branch seeks to differentiate itself from other banks currently operating in Hong Kong through excellence in customer service, with a focus on establishing strong relationships with all our customers. The strong links that the Branch has with China, UK, Africa and Europe ensure that we have an in-depth knowledge of the marketplace and are able to assist customers with their transactions.
