Access Holdings Plc has announced that its subsidiary, The Access Bank UK Limited, has established its first fully owned subsidiary in Malta. The banking license application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), marking a significant step in enhancing trade connectivity between Europe and Africa. This information was included in the Group’s notice to the Nigerian Exchange Limited, which was reviewed by THE WHISTLER. According to the statement, the approval of The Access Bank Malta Limited as a credit institution is a transformative milestone in boosting trade flows between Europe and Africa.
Malta, known as a prominent international financial center and a gateway between the two continents, is strategically positioned to play a crucial role in promoting commerce and fostering economic partnerships. This expansion into Malta allows the bank to capitalize on the growing trade opportunities between Europe and Africa, underscoring 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, stated, “By establishing operations in Malta, we will gain a foothold in a market that connects European and North African economies, bringing us closer to our goal of becoming Africa’s Gateway to the World. This expansion also 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 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, as well as 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 address the banking and financing needs of our clients in these expanding markets.”
Renald Theuma, Managing Director and Chief Executive Officer of The Access Bank Malta Limited, emphasized the significance of this expansion, stating, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move enables The Access Bank Malta Limited to engage more closely with customers in Europe and provide tailored financial solutions that drive growth and connectivity across both continents.” He also noted that the bank will focus on international trade finance and will employ approximately 30 people in its initial phase, with plans for controlled expansion over time.
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