A subset of the Group’s Capital Raising Programme aiming to generate up to US$1.5 billion, the Rights Issue is designed to strengthen the Group’s financial footing and support ongoing working capital needs, including organic growth funding for its banking and non-banking subsidiaries.

Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, stated:

“The commencement of the Rights Issue subscription is an important step in our growth strategy and capital raising plans, reinforcing our financial strength and accelerating our strategic ambitions. However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top 5 financial institutions in Africa by 2027. We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.”

Access Holdings’ Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share. The Offer will be issued on the basis of one (1) new ordinary share for every two existing ordinary shares held as of Friday, 7 June 2024.

The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as Registrars to the Offer.

The Rights Circular will be distributed to shareholders by the Registrars to the Offer, while the application forms will also be available on the following websites:

www.theaccesscorporation.com www.chapelhilldenham.com www.coronationmb.com; www.atlasregistrars.com

Now operational in 22 countries across the globe, with 15 in Africa, Access Holdings has established itself as one of the continent’s most trusted performers over the last 20 years. The Group reported robust financial results for the year ending December 31, 2023, with a 335 per cent increase in pre-tax profit to N729 billion and an 87 per cent surge in gross earnings to N2.59 trillion. A final dividend of N1.80 kobo per every N0.50 kobo ordinary share for the 2023 financial year was paid to shareholders, representing a 28 per cent increase from the previous year.

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Sunrise News, Lagos, 09, June 2024: This year marks 22 years since two young Nigerian bankers – Aigboje Aig-Imoukhuede and Herbert Wigwe – bought a small, nondescript bank and turned it into one of the biggest financial institutions on the continent with footprint also established in Europe and Asia.

It was on March 22, 2002, that the two walked into Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos, which was then the corporate headquarters of the bank to assume duty and full control as the Managing Director and Deputy Managing Director.

The acquisition process had taken about two years and entailed rigorous negotiations, and countless hours of working through documentation. It was one of the most audacious takeovers in the history of the nation’s financial industry.

Indeed, the phenomenal growth of the Access Group has become an inspiring success story. Shortly after the takeover, Access Bank embarked on a five-year transformation agenda, and two years into the plan, the CBN announced the N25 billion capitalisation deadline set for end of December 2005.

The institution’s management went to work, raising the required capital and developing the impetus to seek opportunities for possible mergers and acquisitions.

Recognising the opportunity that existed to build scale, the institution mobilised its workforce and quickly raised N15 billion via a public offer, acquired two other small banks, Capital Bank Ltd. and Marina International Bank Ltd., and convinced FMO, the Netherland Development Finance Company, to become an institutional investor through the conversion of a $15 million term loan it had earlier given to the bank.

With the N25 billion capitalisation met and surpassed, the race to the top became a fixed goal to the new owners. They then embarked on aggressive drive to raise money both from local and foreign capital markets.

Between 2006 and 2007, Access Bank raised a local bond issue of N11.9 billion and in 2007 it raised N136 billion in public offerings, including a highly successful and oversubscribed GDR (global depository receipt) and established Access Bank UK.

In June 2008, the beginning of the second five-year transformation plan, every action was geared at taking the institution to the top. Between 2009 and 2011, the bank passed CBN’s special audit on governance, liquidity and capital adequacy conducted under the tough-talking Sanusi Lamido Sanusi.

Three major achievements were also recorded. The bank was awarded IFC Sustainable Bank of the Year; it acquired Intercontinental Bank and was ranked the fourth largest bank in Nigeria as a result of the acquisition.

With these successes, a huge surge of confidence and can-do spirit have by now swept through the entire workforce. Staffers went through a rigorous process of reorientation and change of the bank’s vision and mission; and with business combination with Intercontinental completed in 2012, management staff assumed bigger roles and responsibilities.

Access Bank became one of the favourite places to work for bankers from other institutions.

The bank was enjoying the pulsating work pace and dynamic work environment, enthralled in seeing the dream of being in the top five becoming a reality year after year.

That same 2012 and spanning 2013, the bank raised $350 million Eurobond in the international market and divested from non-banking subsidiaries. It was also designated as a significant important financial institution by the CBN, one of the very few in the industry.

This means a recognition of its huge footprint in the economy, the integrity and respect of its leaders and the fact that the bank could not be allowed to fail under any circumstance. It is for this reason that the CBN recently intervened in the board and management composition of one bank.

Another huge milestone came in 2014 when Access Bank issued $400 million subordinated note (tier 2 bond) and transited into a large, diversified banking institution.In January 2014, Herbert Wigwe assumed duty as the Group Managing Director & Chief Executive Officer, after the retirement of Aigboje Aig-Imoukhuede.

With enormous goodwill and attractive brand equity, the bank continued to outpace its contemporaries. In 2017, it further shored up its capital by raising N42 billion through rights issue and issued another $300 million subordinated note.

But it was its merger with Diamond Bank in 2018 that catapulted Access Bank to the number one slot in at least some parameters: assets and retail business with 646 branches.

It also recorded the biggest channel touchpoints: 38 million cards; 3,000 ATMs and 34,000 POS terminals. In 2019, Access bank issued the first green bond in Nigeria. In 2020, it expanded its African business into Kenya and Mozambique and became the first Nigerian bank to set up shop in South Africa.

A few weeks ago, the South African ambassador to Nigeria was on TV commending the bank for establishing a branch in his country.

In 2022, Access Bank marked the final year of its previous five-year strategy, which focused on building Africa’s gateway to the world, through the deployment of robust risk management practices, and a flawless execution of its strategic priorities.

By all key metrics, the strategy was successfully executed as the bank grew its scale to span over 6,000 dedicated professional staff serving over 52 million customers across 17 markets worldwide.

In the second half of 2022, Access Bank was restructured into a Holding Company – birthing Access Holdings – to realise the potential of the synergies from the various businesses, while expanding product offering to customers in payments, insurance, consumer finance and pensions.

True to plan, Access Holdings, in 2023, launched its operations in Paris, setting the tone for a robust long-term goal across the Northern Hemisphere.

The Group has also strategically ventured into new territories, bringing its expertise, resources, and innovative solutions to areas with immense growth potential.

These strategic moves exemplify the company’s vision to be a pan-African force, contributing to economic development across borders. Through its subsidiaries, the institution has played a pivotal role in sectors ranging from finance and banking to agriculture, technology, and healthcare, bringing diverse opportunities to the communities it serves.

In countries where Access Holdings has established a presence, the institution has become a driving force for job creation and entrepreneurship. Access Holdings has sown the seeds of sustainable economic development by supporting Small and Medium Scale Enterprises (SMEs), investing in local businesses, and providing financial solutions tailored to the needs of each market.

The company’s ability to adapt its business model to the unique dynamics of each African market sets it apart, as it recognises that Africa is not a monolithic entity, but a collection of diverse economies with distinct challenges and opportunities.

Through its expansion strategy, the institution tailors its approach to address the specific needs of each region, contributing to a more inclusive and holistic development across the continent.

Commencing in the second half of 2024, the Group’s Africa and international expansion strategy will enter the consolidation and efficiency phase, aligning with the institution’s five-year plan to accelerate the attainment of its 2027 strategic objectives.

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The GTPM, organised by the IFC, is one of the most significant events in the global trade finance industry, and is known for its unique footprint due to IFC’s extensive reach and client base in emerging markets. The 2024 event marked the 20th anniversary of IFC’s Global Trade Finance Program and attracted a record number of delegates, featuring prominent speakers and panellists, who provided valuable insights into the global trade landscape.

Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, said, “We are honoured to receive this award from IFC, which is a testament to our relentless efforts in leveraging our extensive network across Africa to scale trade opportunities between the continent and the rest of the world. Access Bank remains committed to facilitating trade that drives economic growth and prosperity for our stakeholders and the regions we serve.”

Representing Access Bank at the GTPM were Sunmbo Olatunji, Group Head, Treasury; Tosin Olatunji, Group Head, Corporate Operations; Seun Olufeko, Group Head Project and Structured Finance, Corporate and Investment Banking Division (CIBD); Oluchukwu Kalu, Team Member PSF, CIBD; and Rowly Isioro, Head, Trade and Global Transaction Banking (Africa). Isioro also participated in a panel discussion titled ‘IFC: 20 Years in Trade, Partnerships and Perspectives.’

Speaking on the panel, he addressed the importance of building resilient trade finance systems in emerging markets and how the IFC Global Trade Finance Programme has evolved over the years, from IFC providing guarantees for letters of credit to accommodate other trade instruments like promissory notes and green trade or climate-friendly transactions. “Africa is ripe for partnerships that can drive substantial economic growth,” Isioro said.

“At Access Bank, we are dedicated to developing innovative solutions that tackle the unique challenges faced by African businesses, such as currency volatility and regulatory complexities. By strengthening our trade finance infrastructure, and by leaning on the interconnectivity of our subsidiaries – strategically spread across Africa’s key trade blocs – we aim to facilitate smoother trade flows and empower our clients to seize global opportunities effectively,” he added.

The GTPM Barcelona 2024 featured a three-day programme that saw contributions from internationally renowned speakers such as Marc Auboin, Counsellor at the World Trade Organisation; Alexia Boutin-Somnolet, Lenders’ Solution Leader at Marsh; Gonzalo Gortázar, Chief Executive Officer of CaixaBank, Spain; Nathalie Louat, Global Director, Trade and Supply Chain Finance at IFC; and Paolo Mauro, Director of the Economic and Market Research Department at IFC, amongst others. The event, which was sponsored by Access Bank, CaixaBank, amongst other, concluded with a Gala Awards Dinner celebrating the 20th anniversary of IFC’s Global Trade Finance Programme and honouring its high-performing trade finance partners.

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The Chairman of Access Holdings PLC and Coronation Group, Mr. Aigboje Aig-Imoukhuede, has been honoured with the prestigious African Banker Lifetime Achievement Award.

This distinguished accolade was presented at the African Banker Awards gala dinner and awards ceremony held in Nairobi, Kenya, on the sidelines of the 2024 Annual Meetings of the African Development Bank.

Aig-Imoukhuede’s journey epitomises his dedication to transforming the African banking and financial landscape. His illustrious career, spanning over three decades, has been marked by exceptional leadership and transformative accomplishments. As the Group Managing Director and Chief Executive Officer of Access Bank from 2002 to 2013, he led the lender’s transformation from a minor player into one of Nigeria’s top five banks, extending its presence to nine other African countries and the United Kingdom. With a vision to democratise wealth creation opportunities for millions in Africa, Aigboje established Coronation Group – a conglomerate encompassing most aspects of investing, lending, and insurance with a presence in Nigeria and other African countries.

Speaking on the award, Aig-Imoukhuede said: “This award honours the collective efforts of over ten thousand talented individuals, mostly Africans whom I have had the privilege to work with throughout my journey. As professionals, recognition spurs us to strive for greater levels of excellence. I am deeply humbled and motivated to continue contributing to Africa’s growth and development.”

“We would like to honour your remarkable career achievements as a leader in Africa. Today, Access Bank stands as a behemoth in African banking. As brilliantly described in your book, “Leaving the Tarmac” Access bank started its life as a third-tier bank, but your visionary leadership, as well as that of the late Herbert Wigwe, transformed it into an institution that commands immense respect and admiration,” said Omar Ben Yedder, Group Publisher & Managing Director, African Banker.

As part of the celebration of his lifelong contributions to the African financial markets, Aig-Imoukhuede had the distinct privilege of a visit to His Excellency, President William Ruto, at the state house in Nairobi. Their discussions centred on strengthening financial markets, enhancing public sector effectiveness, and fostering sustainable economic growth across Africa. This visit exemplifies Aigboje’s belief in the power of collaborative leadership and the pivotal role that strong financial institutions play in driving national development.

Reflecting on the courtesy visit to President William Ruto, Aig-Imoukhuede stated that, “In meeting with President Ruto, I was inspired by our shared commitment to driving economic growth and fostering sustainable development across Africa. Our discussions reinforced the critical role that collaborative leadership and robust financial institutions play in nation-building. I look forward to continuing our collective efforts to create a prosperous future for our continent.”

Aig-Imoukhuede’s impact extends beyond banking. Through the Aig-Imoukhuede Foundation and its subsidiaries – the Africa Initiative for Governance, and the Aig-Imoukhuede Institute – Aigboje and his wife, Ofovwe, manage a $100 million family commitment aimed at building Nigeria’s next generation of government leaders, transforming public sector effectiveness, and improving access to quality primary healthcare. His vision for the Adopt-A-Healthcare-Facility Programme (ADHFP), announced in Davos in 2020, aims to establish 774 world-class primary healthcare facilities in Nigeria, showcasing his dedication to addressing critical societal needs.

Aig-Imoukhuede’s advocacy for sustainable banking practices has left an indelible mark on the financial sector. As a member of Nigeria’s Bankers’ Committee, he led the adoption of the Nigerian Sustainable Banking Principles in 2012, an initiative that has been emulated by several countries globally. His leadership in promoting responsible and sustainable business practices underscores the critical role of financial institutions in fostering economic development while protecting the environment.

Aig-Imoukhuede’s leadership was previously recognised in 2013 when he received the ‘African Banker of the Year’ Award. Following a decade of accomplishments in banking and beyond, the African Banker Lifetime Achievement Award highlights his enduring commitment to nation-building and sustainable development. His legacy of transformative leadership, sustainable banking practices, and philanthropic dedication continues to inspire and drive positive change across Africa.

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The 2024 report revealed a remarkable 73% increase in Access Bank’s brand value, solidifying its position as the most valuable banking brand in Nigeria. This marks the third consecutive year that Access Bank has held the top spot in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.

Brand Finance, the world’s leading brand valuation consultancy, reported that banking brands contributed a substantial 50% of the overall brand value among Nigeria’s top 25 brands. Within the Nigeria 25 2024 ranking, banking brands not only emerged as the most valuable but also the strongest and fastest growing.

Access Bank’s brand value soared to NGN355.3 billion, making it the 31st most valuable brand in Africa according to the Brand Finance Africa 200 2024. This impressive growth is primarily driven by significant increases in interest-based income, reflecting improved revenues and robust financial performance.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, stated: “We are proud to once again be recognised as Nigeria’s most valuable brand. This accolade is a testament to our commitment to excellence, innovation, and sustainable growth. We will continue to focus on delivering exceptional value to our customers and stakeholders, driving positive impact across the communities we serve.”

Toyin Henry-Ajayi, Group Head, Group Marketing & Retail Analytics at Access Bank, who spoke on the brand’s journey at the announcement event, added: “Access Bank’s consistent performance and brand value growth reflects our ability to stay true to our DNA of excellence through every strategic 5-year cycle. Our journey has been one of continuous improvement and adaptation, and we remain dedicated to setting new standards in the banking industry and contributing to the economic development of Africa.”

Access Bank also distinguished itself as the top brand in terms of Sustainability perceptions value, surpassing Flour Mills of Nigeria which ranked second. This underscores the Bank’s dedication to sustainable practices and its leadership in corporate responsibility.

Babatunde Odumeru, Managing Director of Brand Finance Nigeria, commented on the resilience of Nigeria’s leading brands: “Despite a tumultuous financial year marked by the Naira plummeting over 30% against the US dollar and soaring inflation, Nigeria’s leading brands have displayed remarkable resilience. These top-tier brands have not only withstood economic pressures, but many have continued to flourish, with 23 of Nigeria’s top 25 most valuable brands achieving brand value growth. We are also increasingly seeing top brands continuing to expand beyond their domestic borders and grow their influence across the continent.”

The values of brands in the rankings are calculated using the Royalty Relief approach, a method compliant with ISO 10668 standards. This approach estimates future revenues attributable to a brand by calculating a royalty rate that would be charged for its use, arriving at a ‘brand value’ that reflects the net economic benefit achievable by licensing the brand in the open market.

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Access Holdings PLC, a leading financial services group, has echoed the need for ethical considerations in using Artificial Intelligence (AI), calling stakeholders in the financial industry to factor its sustainability implications. This call to action was driven by a compelling keynote address delivered by Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, at the Smart Banking Summit 2024 held in Kenya on Wednesday.

Speaking on the topic, “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi’s keynote shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.

“Artificial Intelligence has the power to revolutionise our societies. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance are vast. However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” he said.

As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months. They also posit that by 2040, the emissions from the Information and Communications Technology (ICT) industry will reach 14 per cent of the global emissions, with the bulk of those emissions coming from ICT infrastructure, particularly data centres and communication networks.

Speaking to these concerns, Bamisebi said, “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.

“We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” Bamisebi charged.

Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.

Other contributors at the summit include Winnie Kaaka, Head of Product and Digital Banking, Access Bank Plc; Harry Hare, Co-Founder and Chairman, dx5; Moses Okundi, CIO/CTO, Absa; Tim Theuri, CISO, Safaricom/M-Pesa Africa; Daniel Adaramola, CISO, SunTrust Bank Nigeria Ltd; Steve Njenga, Founder and CEO, Metis Technology Solutions Ltd, and more.

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The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

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Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of up to US$1,500,000,000.00 (One Billion, Five Hundred Million United States Dollars) or its equivalent.
The Programme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments.
The Programme may be executed through a variety of methods including public offerings, private placements, rights issues, book building processes, or a combination thereof.
The specifics regarding the tranches, series, proportions, dates, pricing, tenor, and other terms and conditions that may be associated, will be determined by the Board of Directors, contingent upon securing the necessary regulatory approvals.
Drawing from the Programme, the Group expects to raise up to N365,000,000,000.00 (Three Hundred and Sixty-Five Billion Naira) specifically via a Rights Issue of ordinary shares. The proceeds of the proposed Rights Issue would be used to support ongoing working capital needs including organic growth funding for its banking and other non-banking subsidiaries.
The plans for the Programme were disclosed in the Group’s Notice of the 2nd Annual General Meeting holding on April 19, 2024 which was published on the Nigerian Exchange portal on March 27, 2024.

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The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region. Furthermore, the acquisition builds on the Bank’s growing operations in the Democratic Republic of Congo, Rwanda, as well as its impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, the acquisition of majority equity stake in African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”), and Standard Chartered Bank’s Consumer, Private & Business Banking business in Tanzania.

Commenting on the transaction, Roosevelt Ogbonna, Managing Director/Chief Executive of Access Bank Plc said:

“The transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market. We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.

“Trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver sustainable value for our stakeholders. The consolidation in Kenya will support the realisation of our aspiration to be Africa’s Payment Gateway to the World. Subsequent to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.”

KCB Group CEO Paul Russo said: “This transaction represents what we believe is a great opportunity to maximise value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

“During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” said Mr Russo.

All parties will be working together in the coming months to fulfil the conditions precedent relating to the proposed acquisition, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya. Access Bank will continue to provide a full range of banking services and continuity for its stakeholders including employees and customers in Kenya.

In the meantime, NBK customers will continue to access seamless services across various touchpoints including through the branch network and mobile banking platforms.

Upon conclusion, stakeholders will benefit from the from an enlarged franchise, with best-in-class customer service and governance structures committed to empowering the communities wherein the Bank operates. The combined entity will leverage Access Bank’s dedication to economic development by extending financial services to the unbanked, thereby deepening financial inclusion across the region.

In recent months, Access Bank has embarked on a strategic expansion drive, marked by significant acquisitions. In January, the Bank completed its acquisition of Atlas Mara Zambia, thereby becoming one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

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Furthermore, Access Bank’s commitment to a global presence and adherence to the highest regulatory standards is underscored by the decade-long effort to secure the license for operations in the sophisticated and tightly regulated market of Hong Kong.

Herbert Wigwe, Group Chief Executive Officer, Access Holdings Plc and Chairman, Access UK, expressed his excitement and pride in achieving this long-awaited goal, stating, “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.”

With plans to commence operations in the coming year, this achievement reflects Access Group’s international capabilities and the strength of its strategic partnerships, scaled through the growing strength of its international operations through Access Bank UK with regulated operations in the UAE, and Paris.

The establishment of Access 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. With its commitment to providing innovative financial solutions, Access will play a vital role in supporting businesses and investors involved in international trade. Furthermore, the Bank’s expertise and global network will not only streamline financial transactions but also foster economic collaboration between African and Asian enterprises.

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