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(lavoixdesentreprises.info) – On October 30, Access Bank, Nigeria’s leading banking institution by assets, opened a branch in Hong Kong, aiming to enhance trade relations between Africa and Asia.
Access Bank, the largest banking institution in Nigeria by assets, inaugurated a new branch in Hong Kong on Wednesday, October 30. This initiative is part of a strategic expansion into Asia, with the goal of seizing the growing opportunities related to trade between the African continent and the Asian region. Indeed, Access Bank, which is listed on the Lagos Stock Exchange, seeks to position itself as a key player in international trade financing.
Jamie Simmonds, CEO of Access Bank UK, emphasized the strategic importance of Hong Kong as a commercial hub. In an interview with Bloomberg Television, he stated, “Hong Kong plays a central role in the trade flows connecting Africa to China and Asia as a whole.” Simmonds also indicated that the opening of this international branch is crucial to support the parent company’s growth in Africa, demonstrating Access Bank’s ambition to strengthen its global presence.
The establishment of Access Bank in Hong Kong comes at a time when economic relations between China and Africa are significantly consolidating. In 2023, the trade volume between these two regions reached an impressive $282 billion, making China Africa’s largest trading partner. This dynamic is also supported by substantial Chinese investments in various sectors, including natural resource exploitation and infrastructure development. Roosevelt Ogbonna, CEO of Access Bank, stated that “China’s commitment to Africa is such that it is reasonable to think that trade will continue to grow.”
Access Bank is not new to the region, having previously opened a representative office in Shanghai about ten years ago. However, Ogbonna clarified that Hong Kong represents a more strategic gateway for international trade. This new branch in Hong Kong is classified as a restricted license bank, in accordance with local banking regulations. It is authorized to engage in investment banking activities, operate in the capital markets, and accept deposits exceeding $64,000.
With an established presence in 12 sub-Saharan African countries and the UK, along with offices in Dubai, Lebanon, Shanghai, and India, Access Bank is reinforcing its international strategy. The establishment in Hong Kong marks a significant step in its expansion ambitions, aiming to leverage synergies between African and Asian markets. By setting up in this important commercial hub, Access Bank positions itself as a key player in the global banking landscape, ready to capitalize on emerging opportunities arising from trade between these two continents.
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