Access Bank UK Limited Expands International Presence Through Malta
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Access Bank UK Limited has announced the establishment of its first fully owned subsidiary in Malta, The Access Bank Malta Limited.
The move is part of Access Holdings’ global expansion strategy and has received licensing approvals from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Malta is an island located in-between northern Africa and southern Europe. “By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies…” said Roosevelt Ogbonna, CEO of the banking group.
Jamie Simmonds, Founding CEO and Managing Director of The Access Bank UK Limited, also commented:
“Europe has become Africa’s leading trading partner, supported by initiatives like the Economic Partnership Agreements and the African Continental Free Trade Area (AfCFTA). With Europe-Africa economic relations evolving, Access Bank Malta Limited is ideally positioned to deepen trade and meet the growing banking and financing needs of clients in these dynamic markets.”
The recently-appointed CEO of Access Malta Renald Theuma added, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary.”
Only 20 of the 27 EU member states adopt the Euro as their official currency. Malta is a member of both the Euro area and the European Union. Thereby, making international banking and trade from and with Malta seamless.
The country’s financial services sector grew by 11.8% adding €1.25 billion in Gross Value Added (GVA). As a result, the country’s real GDP growth will average 5.7% this year. The Eurozone’s GDP growth of 0.8% pales in comparison to Malta’s. Accordingly, Fitch Ratings has maintained the Malta’s A+ rating with a stable outlook.
Highlighting Malta’s strategic positioning, Ogbonna said, “…It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities.”
In conclusion, The Access Bank Malta Limited will focus on international trade finance, according to its statement. In its initial phase, it will employ 30 people. Expanding to Malta brings the group closer to its goal of 26 countries in five years.
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