Access Holdings Plc (NGX: ACCESSCORP) has announced that its banking Group’s subsidiary, The Access Bank UK limited has established its first fully owned subsidiary in Malta, The Access Bank Malta Limited.
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In a corporate announcement on Tuesday, the holding company stated that approval for The Access Bank Malta Limited by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signaling a significant step in enhancing trade connectivity between Europe and Africa.
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.
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.
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.”
Access Bank Plc, a wholly owned subsidiary of Access Holdings Plc owns 100% equity stake in The Access Bank UK.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
