The Access Bank UK Limited has announced the official opening of its Hong Kong branch (a restricted licence bank) today (Friday), making it the first West African bank to establish a presence in the Asian country.
In a statement on Friday, the Bank said the expansion was a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the Asia-Pacific region.
The statement read in parts: “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.
“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.”
Speaking on the launch, Jamie Simmonds, Founding Chief Executive Officer & Managing Director of The Access Bank UK Limited, said, “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.”
The statement added that 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.
