Business

Access Bank UK expands footprint with new Hong Kong branch

Published by

8 months ago

L-R: Ernest Law, Managing Director & Chief Executive, The Access Bank UK Limited, Hong Kong Branch; Roosevelt Ogbonna, Managing Director/Chief Executive Director, Access Bank Plc, and Jamie Simmonds, CEO/MD, The Access Bank UK Limited, at the launch of The Access Bank UK, Hong Kong Branch in Hong Kong... recently

Access Bank UK Limited announced the official opening of its Hong Kong branch (a restricted licence bank) on Friday.

This expansion represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the Asia-Pacific region.

The launch of the Hong Kong branch established 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.

According to the bank, through its 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.

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 growing potentials 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 per cent year-on-year growth. As Asia-Africa economic relations enter a new phase, the timing of the Hong Kong branch launch is ideal to meet the financing and banking needs of the bank’s 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. “

Opening this branch in Hong Kong is a pivotal step according to the bank, in international expansion. As the first West African bank to establish a presence there, 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.

READ ALSO FROM NIGERIAN TRIBUNE