Access Bank UK, the wholly owned subsidiary of Access Bank PLC, has received approval from the Hong Kong Monetary Authority to commence formal banking operations in Hong Kong.
The green light from the regulatory authority stands as a testament to Access Bank’s international capabilities, strategic foresight, and unwavering commitment to the highest regulatory standards.
The approval comes after a decade-long effort to secure a license for operations in the sophisticated and tightly regulated market of Hong Kong.
Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc and Chairman of Access UK, expressed excitement and pride in achieving this long-awaited goal, emphasizing the strategic significance of the move.
“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,” said Wigwe.
The establishment of Access Bank in the Hong Kong market holds immense strategic potential for boosting cross-continental trade.
Hong Kong, 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.
Access Bank, with its commitment to providing innovative financial solutions, is set to play a vital role in supporting businesses and investors involved in international trade.
The bank’s expertise and global network will not only streamline financial transactions but also foster economic collaboration between African and Asian enterprises.
Access Bank UK, a wholly owned subsidiary of Access Bank PLC, is authorized by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority.
The bank’s Dubai branch is regulated by the Dubai Financial Services Authority (DFSA), and its Paris branch is regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
As Access Bank continues its growth strategy, the approval to operate in Hong Kong marks a significant chapter in the bank’s journey toward becoming the world’s most respected African bank.
With plans to commence operations in the coming year, Access Bank anticipates exciting opportunities and challenges that come with expanding its footprint in the dynamic international arena.
