Access Bank opens a new subsidiary in Paris, France
Access Bank Plc (www.AccessBankPLC.com), one of Nigeria’s largest financial institutions, has created a new subsidiary in Paris, France, as part of its strategic initiatives to enhance commerce and investment between Africa and Europe.
With this bold action, Nigeria’s biggest financial institution has reaffirmed its commitment to promoting cross-border trade and investment between Africa and the rest of the globe, linking businesses to opportunities within the continent as Africa’s gateway to the rest of the world.
Global and Pan-African Expansion
The establishment of Access Bank’s Paris subsidiary represents a big step forward in the bank’s global expansion strategy. This relocation will allow Access Bank to extend its operations in Europe, increase its worldwide presence, and build ties with global clients, while also serving as a base for the bank’s expanding trade financing business in Africa. Access Bank will also be able to provide seamless banking services to its clients conducting business in France and Europe.
France is a major actor in the global economy, with a population of over 67 million people and a GDP of €2.4 trillion. Access Bank’s new subsidiary will allow the bank to capitalize on the country’s numerous economic prospects, particularly in cross-border trade finance.
The subsidiary’s position in Paris is strategic because it is France’s commercial and financial capital, with a thriving ecosystem of enterprises and institutions. Access Bank will be able to harness its local experience and wide network to provide personalized solutions to its clients as a result of this positioning.
Herbert Wigwe, Group Chief Executive Officer of Access Holdings Plc, Access Bank’s parent company, stated during the inaugural ceremony that “the establishment of Access Bank Paris is in line with the bank’s long-term strategy of becoming Africa’s gateway to the world.” He also expressed confidence in the new subsidiary’s ability to drive trade and investment flows between Africa and France.
“Access Bank Plc today has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another country in Europe, and France provides a very strong platform for us to do so,” Wigwe said of the bank’s strategic expansion efforts.
“Aside from that, Access Bank has a strong presence in the Francophone world, which is heavily reliant on France in terms of trade, so Access Bank in Paris will work to support trade opportunities and trade finance solutions for businesses in those regions, ranging from large conglomerates to SMEs and more.”
Our banking products and services will be an asset to firms wishing to trade abroad, while our corporate and investment banking services will assist enterprises in accessing capital, managing cash flow, and mitigating risk. “Furthermore, we are confident that the Bank’s trade finance solutions will help businesses navigate the complexities of cross-border trade, and at the same time, our digital capabilities will make banking more convenient and efficient for all of our customers,” he added.
He also highlighted the importance of the bank’s different stakeholders in ensuring the success of the expansion push. Wigwe emphasized the importance of the bank’s clients, shareholders, regulators, and the communities in which it operates.
Without the relationships we’ve built with these key contributors, our triumphs over the years would be mere footnotes. In light of this, we are committed to establishing long-term partnerships with all of our stakeholders in France that are founded on trust, transparency, and mutual respect,” he added.
It should be remembered that Access Holdings, Access Bank Plc’s parent business, recently announced earnings of N1.38 trillion for the fiscal year 2022, making the financial behemoth the first in Nigeria to reach and beyond the N1 trillion milestone in gross earnings.
This reflects the bank’s solid risk management, strong credit rating, and high development potential, as well as the bank’s numerous stakeholders’ trust in it.
Access Bank is on track to meet its 5-year goal of processing one in every two transactions in Africa and being present in major commercial centres across the world, thanks to innovative banking solutions powered by best-in-class technology, customer-centric operations, and its people.
“Access Bank’s presence in France is an important step toward the bank’s goal of connecting worlds and opportunities for African businesses.” The bank’s latest step also provides the groundwork for implementing its recently revealed 5-year strategic growth plan.
“Over the years, we have demonstrated a strong commitment to deepening the bank’s presence across Africa and beyond,” stated Roosevelt Ogbonna, Managing Director of Access Bank Plc, at the occasion.
Today, we are happy to serve millions of customers and businesses in 18 countries across four continents. Indeed, our development effort has been inspired by our aim of being the world’s most renowned African bank, and we have moved one step closer to reaching this goal by building on our outstanding track record of innovation, customer service, and social responsibility.”
We are still committed to developing a bank that is truly global in scope while remaining locally relevant in its approach, and we are enthusiastic about the opportunities that await us as we continue to grow and expand our footprint in new markets,” Ogbonna added.
Access Bank UK, directed by Jamie Simmonds, would oversee the activities of the Paris subsidiary and effectively serve as the umbrella business for the country’s other representative offices.
Access Bank Paris is now fully functioning after receiving regulatory approval from the French Prudential Supervision and Resolution Authority (ACPR). The subsidiary is staffed with seasoned experts that have extensive knowledge of the African market and is well-equipped to provide world-class financial solutions to its clients.
Finally, the establishment of Access Bank’s Paris subsidiary marks a significant step forward in the bank’s expansion strategy, allowing it to provide seamless banking services to its clients in France and Europe while also promoting cross-border trade finance between Africa and the rest of the world.
