https://en.sputniknews.africa/20241101/nigerias-access-bank-expands-into-asia-as-it-opens-hong-kong-branch-ceo-tells-media-1068977961.html
Nigeria's Access Bank Expands Into Asia as It Opens Hong Kong Branch, CEO Tells Media
Nigeria's Access Bank Expands Into Asia as It Opens Hong Kong Branch, CEO Tells Media
Sputnik Africa
The move marks an important step into the Asian market and positions the company as a key player in facilitating trade between Africa, China, and the region as... 01.11.2024, Sputnik Africa
2024-11-01T11:33+0100
2024-11-01T11:33+0100
2024-11-01T13:23+0100
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The Access Bank, Nigeria's largest, started a new branch in Hong Kong, the founder of the Access Bank UK Jamie Simmonds said in a Bloomberg interview. The decision comes amid rising tensions between the US and China and increased Chinese investment in Africa, with Hong Kong seeking to boost its international status, Bloomberg added.Access Bank views Hong Kong as a gateway for international trade, CEO Roosevelt Ogbonna emphasized.The bank aims to make the new branch profitable by 2027, starting to leverage it for trade finance and eventually expanding into commercial banking, the branch's head Ernest Law told the media.According to the Hong Kong Monetary Authority, the branch is one of 16 banks operating under a restricted license, focusing on merchant banking and capital market activities.
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Nigeria's Access Bank Expands Into Asia as It Opens Hong Kong Branch, CEO Tells Media
11:33 01.11.2024 (Updated: 13:23 01.11.2024) Alla Shukanova
Writer / Editor
The move marks an important step into the Asian market and positions the company as a key player in facilitating trade between Africa, China, and the region as a whole, according to the founder of Access Bank UK.
The Access Bank, Nigeria's largest, started a new branch in Hong Kong, the founder of the Access Bank UK Jamie Simmonds said in a Bloomberg interview.
"Hong Kong is a pivot point as far as we are concerned into trade flows between Africa, China and the broader region. The international arm is critical as we support the increasing footprint of our parent across Africa," he noted.
The decision comes amid rising tensions between the US and China and increased Chinese
investment in Africa, with Hong Kong seeking to boost its international status, Bloomberg added.
Access Bank views Hong Kong as a gateway for international trade, CEO Roosevelt Ogbonna emphasized.
The bank aims to make the new branch profitable by 2027, starting to leverage it for trade finance and eventually expanding into commercial banking, the branch's head Ernest Law told the media.
According to the Hong Kong Monetary Authority, the branch is one of 16 banks operating under a restricted license, focusing on merchant banking and capital market activities.
