By Ayomide Otitoju
In a landmark move, The Access Bank UK Limited has officially opened its Hong Kong branch, marking a significant expansion into the Asia-Pacific region and making it the first West African bank to establish a presence in Hong Kong. The new branch, a restricted licence bank, is a strategic development aimed at enhancing trade and connectivity between Asia and Africa, aligning with the bank’s global growth vision.
Hong Kong, a key international financial hub, will serve as a crucial gateway, facilitating increased trade flows between the two regions. Through its Hong Kong presence, The Access Bank UK Limited intends to capitalize on the robust economic partnerships emerging between Asia and Africa, supporting the growing trade demands between the continents.
“This opening marks a pivotal step in our international expansion,” said Jamie Simmonds, Founding Chief Executive Officer & Managing Director of The Access Bank UK Limited. “Asia has become Africa’s largest trading partner, largely driven by initiatives like the Belt and Road. In 2023, China-Africa trade reached a historic high of USD 282.1 billion. Our Hong Kong branch launch is perfectly timed to address the expanding financing needs of our clients in these dynamic markets.”
Speaking at the ceremony, Ambassador Oludare E. Folowosele, Consul General of Nigeria’s Consulate General in Hong Kong, expressed enthusiasm, stating, “The establishment of this branch is a milestone for trade between Asia and Africa, making Access Bank UK the first West African bank in Hong Kong. This development supports the Belt and Road Initiative and the growing business flows between our regions.”
Ernest Law, Managing Director & Chief Executive of the Hong Kong branch, emphasized the importance of this new branch for the bank’s strategic expansion, saying, “We’re thrilled to launch our Hong Kong branch, enabling closer engagement with our clients here and expanding our capacity to provide tailored financial solutions across the region.”
Initially employing about 25 staff members, The Access Bank UK Limited – Hong Kong Branch will focus on international trade finance and commercial banking, with plans for gradual growth as demand increases.
