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Key Points
- Access Bank has opened its first branch in Hong Kong to enhance trade links between Africa, China, and Asia amid growing economic ties.
- CEO Jamie Simmonds highlights Hong Kong’s strategic importance for facilitating trade flows and expanding Access Holdings' operations across Africa.
- Access Bank, founded in 1988, has over 700 branches and serves 60 million customers across 22 markets, including sub-Saharan Africa and the UK.
Access Bank, a key subsidiary of Access Holdings led by Nigerian banker Aigboje Aig-Imoukhuede, has inaugurated its first branch in Hong Kong as part of a strategic expansion into the Asian market. This initiative aims to bolster the bank’s involvement in trade between Africa, China, and the broader Asian region.
In an exclusive interview with Bloomberg Television, Jamie Simmonds, CEO of Access Bank UK, articulated the significance of Hong Kong in the bank’s growth trajectory.
“Hong Kong serves as a vital nexus for connecting trade flows across Africa, China, and the broader region,” Simmonds remarked, emphasizing that “our international operations are indispensable in supporting Access Holdings’ expanding footprint across Africa.”
Navigating new economic frontiers
The move into Hong Kong comes against the backdrop of escalating U.S.-China tensions and Beijing’s deepening ties with Africa. With Hong Kong pivoting towards non-Western markets following extended COVID-19 restrictions and increasing oversight from Beijing, the city has emerged as a focal point for African banks seeking to capitalize on Asia’s economic potential.
Chinese President Xi Jinping recently announced a series of economic incentives for Africa, including a pledge to triple China’s credit lines to the continent to $30 billion. Access Bank CEO Roosevelt Ogbonna noted, “With that level of commitment, it’s hard not to imagine that the China-Africa trade will continue to expand and grow,” during his address to reporters in Hong Kong on Wednesday.
Access Bank's Hong Kong initiative
While Access Bank established a representative office in Shanghai nearly a decade ago, Ogbonna views Hong Kong as a superior gateway for international trade. The bank aims to achieve break-even at the Hong Kong branch by 2027, primarily focusing on trade finance before branching out into commercial banking, according to Ernest Law, the branch's chief executive. The bank has secured half a floor at the city’s Two Exchange Square.
In compliance with local banking regulations, Access Bank operates in Hong Kong as a restricted license bank, engaging primarily in merchant banking and capital market activities, with the ability to accept deposits of HK$500,000 ($64,345) and above. Currently, 16 restricted license banks are operating in the region.
Strengthening Africa’s banking landscape
Founded in 1988, Access Bank is the flagship banking subsidiary of Access Holdings. With over 700 branches and a robust customer base of 60 million across 22 markets—including sub-Saharan Africa, the UK, and Dubai—the bank has solidified its position as a leader in the industry.
In Nigeria alone, Access Bank employs nearly 30,000 individuals, further extending its global reach with representative offices in China, Lebanon, and India.
Under Aig-Imoukhuede’s leadership, Access Bank has increased its commitment to environmental sustainability, collaborating with stakeholders on climate change initiatives, improving air quality, and promoting a resilient energy framework to bolster Nigeria’s economic growth.
Recently, Access Bank received regulatory approval for its ambitious $100 million acquisition of the National Bank of Kenya from KCB Group, underscoring its intention to further solidify its presence in the African banking sector.
