In a significant milestone towards realising its five-year strategic plan, Access Bank
UK, the wholly owned subsidiary of Access Bank PLC, has received approval
to commence operations in Hong Kong. The approval, granted by the Hong Kong
Monetary Authority, stands as a testament to Access Group’s international capabilities
and strategic partnerships.
Furthermore, Access Bank's commitment to a global presence and adherence to the
highest regulatory standards is underscored by the decade-long effort to secure the
license for operations in the sophisticated and tightly regulated market of Hong Kong.
Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc and Chairman,
Access UK, expressed his excitement and pride in achieving this long-awaited goal,
stating, “I am immensely proud that Access UK has secured approval
to commence formal banking operations in Hong Kong, marking a monumental
achievement in our journey towards global prominence. This license is a testament to
our unwavering commitment, strategic foresight, and resilience over the past decade.
Across the Access Group, we are excited about the possibilities that lie ahead.
“Hong Kong serves as a strategic cornerstone in our mission to be the world's most
respected African bank and we are ready to bring innovative, customer-centric financial
solutions to the Asian market. We look forward to the opportunities and challenges that come with expanding our footprint in this dynamic international arena.”
With plans to commence operations in the coming year, this achievement reflects
Access Group’s international capabilities and the strength of its strategic partnerships,
scaled through the growing strength of its international operations through Access
Bank UK with regulated operations in the UAE, and Paris.
The establishment of Access in the Hong Kong market holds immense strategic
potential for boosting cross-continental trade. Hong Kong, renowned for its status as a
global financial hub, serves as a pivotal gateway connecting Asia with the rest of the
world. Access Bank's presence in this sophisticated market positions it strategically to
facilitate and enhance cross-border trade between Africa and Asia. With its
commitment to providing innovative financial solutions, Access will play a vital role in
supporting businesses and investors involved in international trade. Furthermore, the
Bank's expertise and global network will not only streamline financial transactions but
also foster economic collaboration between African and Asian enterprises.