After Acquiring 2 Banks, Access Bank Opens New Branch in Another Country, CEO Shares Plans
- Access Holdings Plc has announced that its UK subsidiary has opened its wholly-owned subsidiary in Malta
- The banking giant received the approval from the European Central Bank and the Malta Financial Services Authority (MFSA)
- The opening of the new branch in Malta has been hailed as a transformative move to bridge the gap between Europe and Africa
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Access Holdings Plc has said its banking subsidiary, The Access Bank UK Limited, has opened its first wholly owned subsidiary in Malta.
The European Central Bank and the Malta Financial Services Authority (MFSA) approved the banking licence application, a significant step toward boosting trade connectivity between Europe and Africa.
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New Access Bank branch to bridge trade gaps
The approval of Access Bank Malta Limited as a credit firm has been seen as a transformative milestone in boosting Europe-Asia trade flows.
Malta is a famous international financial hub and a gateway between Africa and Europe. It is strategically positioned to play a key role in advancing commerce and economic partnerships.
The expansion to Malta allows Access Bank UK Limited to exploit the growing trade opportunities between the two continents.
It also shows the banking group’s commitment to driving global trade, financial integration, and supporting businesses across the two continents
The managing director and CEO of Access Bank Plc, Roosevelt Ogbonna, said that by opening operations in Malta, the tier one bank in Nigeria would get a place in a market that connects European and North African economies.
James Simmonds, CEO and MD of The Access Bank UK Limited, revealed that it is now Africa’s trade partner through schemes such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
Nigerian banks expand to new frontiers
According to reports, Renald Theuma, the CEO and managing director of The Access Bank Malta Limited, emphasised the importance of the expansion and noted that Malta is strategically positioned as a bridge between Europe and Africa.
Nigerian banks have been expanding their tentacles to other countries, especially the European market.
Recently, Zenith Bank opened a new branch in Paris, the French Capital, followed by the United Bank for Africa (UBA) signing an MoU to locate its branch in France.
UBA also announced the opening of its new branch in Saudi Arabia.
Access Bank gets approval to buy another bank
Legit.ng earlier reported that Access Bank Kenya has finalised plans to takeover of the National Bank of Kenya after obtaining regulatory approval
The final phase of the deal would be consummated, paving the way for Kenya's central bank to approve it.
Access Bank KCB, the bank's owners, signed a binding agreement in March of this year for a landmark acquisition.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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