Access Bank UK Receives Approval to Commence Operations in Hong Kong
In a significant milestone towards realising its five-year strategic plan, Access Bank UK, the wholly owned subsidiary of Access Bank PLC has received approval to commence operations in Hong Kong. The approval, granted by the Hong Kong Monetary Authority, through Access Bank’s UK subsidiary, stands as a testament to the Access Group’s international capabilities and strategic partnerships.
Furthermore, 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 UK, expressed his excitement and pride in achieving this long-awaited goal, stating, “I am immensely proud that Access 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.
Access Bank UK, a wholly owned subsidiary of Access Bank PLC is authorised by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority, with a Dubai branch that is regulated by Dubai Financial Services Authority (DFSA), and a Paris branch that is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR)
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, 20 countries and over 60 million customers. The Bank employs over 28,000 thousand 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 four business segments: Corporate and Investment Banking; Commercial Banking; Business Banking, and Personal & Private 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.
