Access Bank UK makes giant strides, secures approval to commence operations in Hong Kong
Access Bank UK, a wholly owned subsidiary of Access Bank PLC, has achieved a significant milestone in its five-year strategic plan by securing approval to commence operations in Hong Kong.
The approval, granted by the Hong Kong Monetary Authority, highlights the international capabilities and strategic partnerships of Access Bank’s UK subsidiary.
The approval underscores Access Bank’s commitment to a global presence and adherence to the highest regulatory standards, reflecting a decade-long effort to secure a license for operations in the sophisticated and tightly regulated market of Hong Kong.
Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc and Chairman of Access UK, expressed pride in achieving this long-awaited goal, emphasizing the monumental achievement in the journey towards global prominence.
The license is seen as a testament to the unwavering commitment, strategic foresight, and resilience demonstrated by Access Bank over the past decade.
Wigwe highlighted the strategic importance of Hong Kong, stating that it serves as a cornerstone in the mission to be the world’s most respected African bank.
The bank’s anticipation, according to Wigwe, is to bring innovative, customer-centric financial solutions to the Asian market, emphasising his excitement about the possibilities that lie ahead.
“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,” said Wigwe.
The planned commencement of operations in the coming year reflects Access Group’s international capabilities and the strength of its strategic partnerships, demonstrated through the growing influence of Access Bank UK, which already has regulated operations in the UAE and Paris.
Access Bank’s entry into the Hong Kong market is strategically significant for boosting cross-continental trade. Hong Kong, a global financial hub, serves as a pivotal gateway connecting Asia with the rest of the world.
Access Bank’s presence positions it strategically to facilitate and enhance cross-border trade between Africa and Asia, offering innovative financial solutions to support businesses and investors involved in international trade.
Access Bank UK, authorized by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA), operates globally with branches in Dubai and Paris, regulated by the Dubai Financial Services Authority (DFSA) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), respectively.
Access Bank, a wholly owned subsidiary of Access Holdings Plc, operates through a network of over 700 branches across three continents, 20 countries, and serves more than 60 million customers.
With a diverse business model and a presence in Africa and Europe, the bank employs over 28,000 people and has representative offices in China, Lebanon, India, and the UAE.
Access Bank’s parent company, Access Holdings Plc, listed on the Nigerian Stock Exchange since 1998, is a diversified financial institution focusing on sustainable business practices.
The bank’s growth strategy includes mainstreaming sustainable practices into its operations to deliver profitable, environmentally responsible, and socially relevant economic growth, helping customers access more and achieve their dreams.
