- Access Holdings has unveiled its first fully-owned subsidiary in Malta
- The subsidiary provides an opportunity to facilitate trade ties between Europe and Africa
- Access Holdings is committed to growth and expansion into various markets
Access Holdings Plc’s banking subsidiary, Access Bank UK Limited, has established its first fully-owned subsidiary in Malta.
This was disclosed in a publication on the Nigerian Exchange on December 10, signed by the company’s secretary, Sunday Ekwochi.
The company stated that the new entity will operate as Access Bank Malta Limited, a credit institution, and is part of Access Holdings’ strategy for global expansion.
It also added that the subsidiary has received licencing approvals from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
The company said, “The banking licence application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signalling a step towards enhancing trade connectivity between Europe and Africa.”
Malta provides a gateway for Europe-Africa ties
Access Holdings noted that expanding to Malta provides a gateway for trade and economic ties between Europe and Africa.
It said establishing its Malta subsidiary will enable the holding company to tap into the trade opportunities between both continents.
Managing Director and CEO of Access Bank Plc and the Banking Group, Roosevelt Ogbonna, said establishing the Malta subsidiary is a step in its commitment to be a global banking entity,
He said, “By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s gateway to the world.”
Founding CEO and Managing Director of The Access Bank UK Limited, Jamie Simmonds, noted that the Malta subsidiary is well-positioned to leverage the evolving ties between Europe and Africa, facilitated by the African Continental Free Trade Area (AfCFTA).
Simmonds said, “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.”
Access Holdings focused on expansion and growth
The establishment of the Malta subsidiary followed the signing of a binding agreement by Access Bank UK Limited in November to acquire a majority equity stake in Afrasia Bank Limited, the fourth-largest bank by total assets in Mauritius.
Access Holdings said the agreement aligns with the franchise’s broader growth and expansion plans, leveraging the country’s established financial services sector.
Recall also that the holding company recently completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited and is working to finalise the acquisition of Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its consumer, private and business banking operations in Tanzania.
In July 2023, it acquired a 51 per cent majority equity stake in Finibanco Angola in its determined commitment to expand its presence in Africa.
Its acquisition tentacles include an 80 per cent stake in Uganda’s Finance Trust Bank, the full acquisition of the National Bank of Kenya, and the purchase of the African Banking Corporation of Tanzania, which now operates as Access Bank Tanzania.
The company has also expanded its portfolio by merging with ARM Pensions Managers to form Access ARM Pensions, which is currently one of Nigeria’s largest pension administrators.
Access Bank fully acquires Standard Chartered’s Angola, Sierra Leone subsidiaries
Meanwhile, TheRadar reported that Access Bank, the main subsidiary of Access Holdings Plc, completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
The announcement of the acquisition was published on the Nigerian Exchange (NGX) disclosure page and signed by the company secretary, Sunday Ekwochi, on Wednesday, November 27.
