Access Bank strengthen Euro-Africa trade with Malta affiliate
Sopuruchi Onwuka
Access Holdings Plc says its subsidiary, The Access Bank UK Limited has established its first fully owned subsidiary in Malta.
It stated that the banking licence application for Access Bank Malta Limited has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signalling a significant step in enhancing trade connectivity between Europe and Africa.
The approval of The Access Bank Malta Limited as a credit institution marks a transformative milestone in bolstering Europe-Africa trade flows. Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa. It underscores the Access Group’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, and CEO of the Banking Group, said: “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.”
Jamie Simmonds, Founding Chief Executive Officer and Managing Director of The Access Bank UK Limited, commented: “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 (AfCFTA). 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.”
Renald Theuma, Managing Director and Chief Executive Officer of The Access Bank Malta Limited, emphasised the significance 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.”
The Access Bank Malta Limited will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
