Nigeria-listed Access Bank has recently opened a branch in Hong Kong with the aim of capturing the growing trade financing needs by businesses in Africa, the Middle East and China.
Launched through its Access Bank UK Limited, the Hong Kong branch, which operates as a restricted license bank, comes as China deepens ties with Africa and the Middle East amid geopolitical tensions with the West. The second largest economy’s trade with Africa alone grew 35% to $282 billion in 2023, compared to 2019. China and Hong Kong businesses have also pivoted toward the Middle East by launching financial products and building manufacturing capabilities.
This entry into the Asian market marks a significant milestone in the banking group’s global growth strategy and underscores its commitment to serving clients in the Asia-Pacific region.
According to the bank’s management, the establishment of the Hong Kong branch makes Access Bank UK Limited the first West African-owned banking group to enter this market. This groundbreaking move is expected to facilitate and accelerate trade flows between Asia and Africa.
The management of the UK-based bank subsidiary notes that 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 its presence in Hong Kong, The Access Bank UK Limited can capitalise on the expanding economic partnership between Asia and Africa, supporting the increased trade flows between the regions.
Opening the Hong Kong branch according to the bank’s senior executives is pivotal to its international expansion.
As the first London-based West African-owned bank to establish a presence in Hong Kong, it represents a significant achievement. With the continued growth of its 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.
Speaking at the commissioning ceremony, Consul General of the Consulate General of the Federal Republic of Nigeria, Ambassador Oludare E. Folowosele, 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 developing trade flows between Asia and Africa as the first West African banking group to attain this status. This also aligns perfectly well with the Belt and Road initiatives between China and Africa, where we see growing potential for business flows between the two countries.”
Founding Chief Executive Officer & Managing Director of Access Bank UK Limited, Jamie Simmonds, expressed his commitment to 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% 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 our client’s financing and banking needs in these expanding markets.”
Managing Director & Chief Executive of The Access Bank UK Limited – Hong Kong Branch, Ernest Law, 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.”
According to the bank’s senior officials, Access Bank UK Limited’s 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 25 people; this will grow with a controlled expansion.
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a full-service commercial bank with a network of more than 700 branches and service outlets spanning three continents, 23 countries, and over 60 million customers. The Bank employs over 28,000 people in its African and European operations, 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 that combines a retail customer franchise and digital platform with deep corporate banking expertise, proven risk management, and capital management capabilities.
