by Loretta Alfred
Access Holdings banking group subsidiary, The Access Bank UK Limited, has established its first fully owned subsidiary in Malta, The Access Bank Malta Limited, in a significant move to enhance trade connectivity between Europe and Africa.
The banking licence application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Malta, a renowned international financial centre and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
“By establishing operations in Malta, we will gain a foothold in a market that ridges European and North African economies moving us one step closer to our goal of becoming Africa’ Gateway to the World. It further enhances our Bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” Managing Director and Chief Executive Officer, Access Bank Plc and CEO of the Banking Group, Roosevelt Ogbonna, said.
Founding CEO and Managing Director of The Access Bank UK Limited, Jamie Simmonds, noted that Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” Simmonds said.
On his part, Managing Director and CEO of The Access Bank Malta Limited, Renald Theuma, emphasised the significance of the expansion.
“Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents,” Theuma said.
Opening the Malta branches means Access Holdings can clear itself in Euros both in cash and instruments.
