Access Holdings Plc has announced the establishment of Access Bank Malta Limited, a fully owned subsidiary of its banking group, Access Bank UK Limited.
The move is part of the group’s strategy to strengthen trade connectivity between Europe and Africa.
A corporate notice filed on the NGX by the company secretary, Sunday Ekwochi on Wednesday stated that the banking license application for the subsidiary was approved by the European Central Bank and the Malta Financial Services Authority, marking a milestone for the group.
According to Access Holdings, the new subsidiary will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
The Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, noted, “By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities.”
Additionally, the Managing Director and Chief Executive Officer of The Access Bank Malta Limited, Renald Theuma, emphasised the importance of this expansion: “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary.
This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
Highlighting the relevance of Europe in Africa’s trade relations, the Founding Chief Executive Officer and Managing Director of The Access Bank UK Limited, Jamie Simmonds, stated that “Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area. With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets.”
The PUNCH reported that Access Bank Plc has announced the completion of the acquisition of Standard Chartered subsidiaries in Angola and Sierra Leone.
