(Commonwealth_Europe) Access Holdings Plc has announced a significant milestone with the establishment of The Access Bank Malta Limited, a fully owned subsidiary of its banking group, The Access Bank UK Limited. This marks an important step in the company’s strategy to enhance trade connectivity between Europe and Africa. The newly established subsidiary has received approval for its banking license from both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), a development that will foster stronger economic ties and facilitate easier business transactions across these regions.
Malta’s strategic position as a renowned international financial hub, bridging Europe and Africa, makes it an ideal location for the bank’s expansion. By setting up operations in Malta, Access Bank aims to tap into the growing trade opportunities between these two continents. This move reflects the bank’s broader vision of enhancing global trade and financial integration while also supporting businesses in both regions as they seek to expand their operations and investments.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, highlighted that the establishment of The Access Bank Malta Limited will provide the company with a valuable foothold in a market that links European and North African economies. He emphasized that this expansion brings Access Bank closer to its goal of becoming “Africa’s Gateway to the World,” positioning the bank to offer innovative solutions tailored to cross-border trade and investment needs.
The expansion aligns with the growing economic cooperation between Europe and Africa, particularly through initiatives like the Economic Partnership Agreements (EPAs) between the European Union and African regions, as well as the African Continental Free Trade Area (AfCFTA). According to Jamie Simmonds, the founding CEO of The Access Bank UK Limited, Europe has emerged as Africa’s largest trading partner. The Access Bank Malta Limited stands poised to play a crucial role in deepening trade and meeting the banking and financing needs of businesses in both markets as economic relations between the two regions evolve.
Renald Theuma, the Managing Director and CEO of The Access Bank Malta Limited, underscored the unique positioning of Malta as a critical bridge between the two continents. He noted that the bank’s presence in Malta would allow it to engage more effectively with customers across Europe, delivering tailored financial solutions that support growth and foster connectivity between the two regions.
In its initial phase, The Access Bank Malta Limited will focus on international trade finance and employ around 30 people, with plans for gradual expansion as the subsidiary grows. This strategic move not only strengthens the bank’s position in the Europe-Africa trade corridor but also underscores its commitment to supporting businesses with the necessary financial tools to thrive in an increasingly interconnected global economy.
