By Ayomide Otitoju
Access Holdings Plc has officially launched Access Bank Malta Limited, a wholly owned subsidiary of Access Bank UK Limited. This strategic initiative aims to bolster trade connectivity between Europe and Africa, furthering the group’s expansion goals.
In a corporate notice filed with the Nigerian Exchange (NGX) on Wednesday, company secretary Sunday Ekwochi announced that the banking license application for Access Bank Malta Limited had been granted by both the European Central Bank and the Malta Financial Services Authority. This approval marks a significant milestone for the banking group.
Access Holdings has indicated that the new subsidiary will primarily focus on international trade finance, initially employing around 30 staff members, with plans for gradual expansion as the operation grows.
Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, stated, “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. This expansion enhances our bank’s ability to support clients with innovative solutions tailored to cross-border trade and investment opportunities.”
Renald Theuma, Managing Director and CEO of The Access Bank Malta Limited, emphasized Malta’s strategic position: “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows Access Bank Malta to engage more closely with customers in Europe and to deliver tailored financial solutions that drive growth and connectivity across both continents.”
Highlighting the growing importance of Europe in Africa’s trade relations, Jamie Simmonds, Founding Chief Executive Officer and Managing Director of The Access Bank UK Limited, remarked that “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. 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.”
The establishment of Access Bank Malta Limited represents a significant step toward enhancing financial services aimed at facilitating trade between Europe and Africa, potentially fostering greater economic cooperation between the two regions
