Access Holdings Plc yesterday announced that the banking licence application for The Access Bank Malta Limited, fully owned subsidiary of The Access Bank UK Limited, has been approved by both the European Central Bank (ECB). and the Malta Financial Services Authority (MFSA).
It noted that the approval of the Malta bank as a credit institution, not only signals a significant step in enhancing trade connectivity between Europe and Africa, but also marks a transformative milestone in bolstering Europe-Africa trade flows.
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, according to the bank’s statement.
It explained that this strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa, and underscores the Access Group’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
Managing Director and Chief Executive Officer, Access Bank Plc, and CEO of the Banking Group, Roosevelt Ogbonna, was quoted as saying: “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.
“It further enhances our Bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities.”
This strategic expansion underscores the Access Group’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
Similarly, Founding CEO and Managing Director, The Access Bank UK, Jamie Simmonds, commented: “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.”
Managing Director and CEO, The Access Bank Malta, Renald Theuma, emphasised the significance of this expansion.
He said: “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.”
The Access Bank Malta Limited will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
