- Access Bank has opened its first branch in Hong Kong to enhance trade links between Africa, China, and Asia amid growing economic ties.
- CEO Jamie Simmonds highlights Hong Kongs strategic importance for facilitating trade flows and expanding Access Holdings' operations across Africa.
- Access Bank, founded in 1988, has over 700 branches and serves 60 million customers across 22 markets, including sub-Saharan Africa and the UK.
Access Bank, a key subsidiary of Access Holdings led by Nigerian banker Aigboje Aig-Imoukhuede, has inaugurated its first branch in Hong Kong as part of a strategic expansion into the Asian market. This initiative aims to bolster the banks involvement in trade between Africa, China, and the broader Asian region.
In an exclusive interview with Bloomberg Television, Jamie Simmonds, CEO of Access Bank UK, articulated the significance of Hong Kong in the banks growth trajectory.
Hong Kong serves as a vital nexus for connecting trade flows across Africa, China, and the broader region, Simmonds remarked, emphasizing that our international operations are indispensable in supporting Access Holdings expanding footprint across Africa.
Navigating new economic frontiersThe move into Hong Kong comes against the backdrop of escalating U.S.-China tensions and Beijings deepening ties with Africa. With Hong Kong pivoting towards non-Western markets following extended COVID-19 restrictions and increasing oversight from Beijing, the city has emerged as a focal point for African banks seeking to capitalize on Asias economic potential.
Chinese President Xi Jinping recently announced a series of economic incentives for Africa, including a pledge to triple Chinas credit lines to the continent to 30 billion. Access Bank CEO Roosevelt Ogbonna noted, With that level of commitment, its hard not to imagine that the China-Africa trade will continue to expand and grow, during his address to reporters in Hong Kong on Wednesday.
