Business News

Access Bank Secures Licence in Hong Kong, to Begin Operations in 2024

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By Aduragbemi Omiyale

Access Bank Plc has obtained a licence to commence formal banking operations in Hong Kong through its United Kingdom subsidiary, Access Bank UK.

The chief executive of Access Holdings Plc and Chairman of Access Bank UK, Mr Herbert Wigwe, described the feat as a testament to the company’s resilience over the past decade.

Mr Wigwe also said the banking licence in the Asian nation was a “monumental achievement in our journey towards global prominence.”

Business Post reports that the Nigerian lender was authorised to offer banking services in the country by the Hong Kong Monetary Authority. It intends to commence operations next year.

The bank, which intends to commence operations in Hong Kong next year, said this is a significant milestone towards realising its five-year strategic plan and a testament to its international capabilities and strategic partnerships.

“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,” Mr Wigwe said.

Access Bank has said its presence in the Hong Kong market holds immense strategic potential for boosting cross-continental trade because the country, 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 Bank will play a vital role in supporting businesses and investors involved in international trade, it said in a statement.