Access Bank UK Limited has officially opened its new branch in Hong Kong, marking a major milestone as the first West African bank to establish a presence in the Asia-Pacific region. The new branch, licensed as a restricted bank, reflects Access Bank’s ambitious global growth strategy and aims to enhance trade and economic ties between Asia and Africa. The Hong Kong branch will focus on providing trade finance and commercial banking services tailored to the region, with an initial team of 25 staff, which is expected to expand as the branch grows.
This strategic expansion into Hong Kong positions Access Bank UK Limited as a key player in facilitating trade flows between Asia and Africa. With Hong Kong’s role as an international financial center, Access Bank’s presence is set to capitalize on the growing economic partnership between the two continents, further spurred by China’s Belt and Road Initiative. Trade between China and Africa reached a record high of $282.1 billion in 2023, underscoring the increasing economic integration between these regions.
Speaking at the launch event, Ambassador Oludare E. Folowosele, Consul General of Nigeria, emphasized the significance of this new branch. “The establishment of Access Bank UK Limited in Hong Kong as a Restricted Licence Bank marks a pivotal moment in Asia-Africa trade relations. It aligns perfectly with initiatives like the Belt and Road, opening doors for business flows between China and Africa,” he remarked.
Jamie Simmonds, CEO and Managing Director of Access Bank UK Limited, expressed his enthusiasm for the Hong Kong branch as a gateway for expanding Access Bank’s footprint in Asia. “With the rapid growth in Asia-Africa trade, our Hong Kong branch launch is ideally timed to meet the financial needs of clients in these dynamic markets,” he said.
Ernest Law, Managing Director of the Hong Kong branch, highlighted the branch’s commitment to customer-centric services. “Our goal is to deliver bespoke financial solutions that address the unique needs of businesses operating across Asia and Africa,” Law stated, adding that the branch will leverage Access Bank’s vast network and experience in Africa and Europe.
Access Bank UK’s Hong Kong branch is located in the Central District, the heart of Hong Kong’s financial district. The branch is regulated by the Hong Kong Monetary Authority (HKMA) and will serve as a vital hub for connecting African and Asian businesses. With dedicated relationship managers, Access Bank aims to set itself apart through excellence in customer service, focusing on building long-term partnerships with clients.
Access Bank, part of Access Holdings Plc, has grown into one of Africa’s leading commercial banks, with a presence in over 23 countries and more than 60 million customers worldwide. The bank’s sustainable business model and commitment to excellence in customer relations have been foundational to its success as it continues to expand internationally. The launch of the Hong Kong branch reinforces Access Bank’s vision “to be the world’s most respected African bank.”