MON, DEC 11 2023-theGBJournal|Access Bank UK, has received approval to commence operations in Hong Kong, a significant milestone towards realising the five-year strategic plan of the wholly owned subsidiary of Access Bank PLC.
The Bank’s UK subsidiary functions as the Group’s OECD operational hub and supports the flow of investment into markets in Nigeria, Africa and the MENA region.
”The approval, granted by the Hong Kong Monetary Authority, stands as a testament to Access Group’s international capabilities and strategic partnerships,” the bank said in a statement on Monday.
Besides, Access Bank’s commitment to a global presence and adherence to the highest regulatory standards is underscored by the decade-long effort to secure the license for operations in the sophisticated and tightly regulated market of Hong Kong.
Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc and Chairman, Access Bank UK, expressed his excitement and pride in achieving this long-awaited goal, stating, “I am immensely proud that Access Bank UK has secured approval to commence formal banking operations in Hong Kong, marking a monumental achievement in our journey towards global prominence.
This license is a testament to our unwavering commitment, strategic foresight, and resilience over the past decade. Across the Access Group, we are excited about the possibilities that lie ahead.
“Hong Kong serves as a strategic cornerstone in our mission to be the world’s most respected African bank and we are ready to bring innovative, customer-centric financial solutions to the Asian market. We look forward to the opportunities and challenges that come with expanding our footprint in this dynamic international arena.”
With plans to commence operations in the coming year, this achievement reflects Access Group’s international capabilities and the strength of its strategic partnerships, scaled through the growing strength of its international operations through Access Bank UK with regulated operations in the UAE, and Paris.
The establishment of Access in the Hong Kong market holds immense strategic potential for boosting cross-continental trade.
Hong Kong, renowned for its status as a global financial hub, serves as a pivotal gateway connecting Asia with the rest of the world. Access Bank’s presence in this sophisticated market positions it strategically to facilitate and enhance cross-border trade between Africa and Asia.
With its commitment to providing innovative financial solutions, Access will play a vital role in supporting businesses and investors involved in international trade. Furthermore, the Bank’s expertise and global network will not only streamline financial transactions but also foster economic collaboration between African and Asian enterprises.
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