Access Holdings Plc announces the formation of its first wholly-owned subsidiary in Malta, Access Bank Malta Limited, via its subsidiary, Access Bank UK Limited.
This new entity has received banking license approval from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), a key step in strengthening trade links between Europe and Africa.
The licensing of The Access Bank Malta Limited as a credit institution is a pivotal development aimed at increasing trade flows between Europe and Africa. Malta, recognized as a prominent international financial center and a crucial link between the two continents, is ideally situated to facilitate economic collaborations and promote trade between these regions.
This strategic expansion into Malta allows The Access Bank UK Limited to leverage the expanding trade opportunities between Europe and Africa. It highlights the Access Group’s steadfast dedication to fostering global trade, financial integration, and supporting enterprises across these areas.
Access Bank Plc's Managing Director and Chief Executive Officer, Mr. Roosevelt Ogbonna, stated that the launch of operations in Malta strategically positions the bank within a key market bridging European and North African economies, thereby advancing its vision of becoming Africa's global gateway. This expansion significantly strengthens the bank's ability to deliver innovative solutions for cross-border trade and investment.
Jamie Simmonds, the Founding Chief Executive Officer and Managing Director of The Access Bank UK Limited, stated: “Europe has emerged as Africa’s primary trading partner, propelled by initiatives like the Economic Partnership Agreements between the EU and various African regions, as well as the African Continental Free Trade Area (AfCFTA). As the economic relationship between Europe and Africa evolves, The Access Bank Malta Limited is strategically positioned to enhance trade connections and address the changing financing and banking requirements of our clients in these expanding markets.”
Renald Theuma, Managing Director and Chief Executive Officer of The Access Bank Malta Limited, emphasized the strategic importance of this expansion:
“Malta’s distinctive role as a link between Europe and Africa makes it an optimal site for our subsidiary. This expansion enables The Access Bank Malta Limited to engage more effectively with clients in Europe and offer customized financial solutions that foster growth and connectivity across both continents.”
The Access Bank Malta Limited will concentrate on international trade finance, starting with a workforce of approximately 30 employees, with intentions for measured growth and future expansion.