One of Nigeria’s biggest financial services institutions, Access Bank Plc, has established a new subsidiary in Paris, France.
The launch of Access Bank’s Paris subsidiary marks a significant milestone in the bank’s global expansion strategy.
This move, the bank stated, will enable Access Bank to expand its operations in Europe, strengthen its international presence, and deepen its relationships with global clients while serving as a hub for supporting the bank’s growing trade finance business in Africa.
“It will also enable Access Bank to provide seamless banking services to its clients doing business in France and Europe.
Access Bank’s new subsidiary will enable the bank to tap into the country’s vast business opportunities, particularly in the area of cross-border trade finance,” the bank stated.
With a population of over 67 million people and a GDP of €2.4 trillion, France is a key player in the global economy.
The subsidiary’s location in Paris is strategic, as it is the commercial and financial centre of France with a vibrant ecosystem of businesses and institutions.
In his remarks at the launch event, the Group Chief Executive Officer of Access Holdings Plc., the parent company of Access Bank, Herbert Wigwe, noted 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.”
Wigwe also expressed confidence that the new subsidiary will play a key role in driving trade and investment flows between Africa and France.
While speaking on the purpose of the bank’s strategic expansion efforts, he said: “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.
“Beyond that, Access Bank has a great presence in the Francophone world that relies significantly in terms of trade on France, so Access Bank in Paris will work to support trade possibilities and trade finance solutions to businesses in those regions, ranging from large conglomerates to SMEs and more.
“Our range of banking products and services will be a valuable asset for businesses looking to trade internationally, while our corporate and investment banking services will help businesses access capital, manage their cash flow, and mitigate risk.
“Furthermore, we are confident that the bank’s trade finance solutions will help businesses to navigate the complexities of cross-border trade, and at the same time, our digital capabilities will make banking more convenient and efficient for all our customers,” he reiterated.
He also acknowledged the role of the bank’s various stakeholders in making the expansion drive successful, Wigwe stressed the value of its customers, shareholders, regulators, and the communities it operates.
Managing Director, Access Bank Plc, Roosevelt Ogbonna, said “Access Bank’s presence in France represents an important step towards achieving its goal of bridging worlds and connecting opportunities for African businesses.”
“Today, we are proud to have a presence in 18 countries across four continents, serving millions of customers and businesses. Indeed, our expansion drive has been guided by our vision to become the world’s most respected African bank, and by building on our strong track record of innovation, customer service, and social responsibility, we have come one step closer to achieving this goal,” Ogbonna added.
Access Bank UK is led by Jamie Simmonds. The subsidiary is staffed with a team of seasoned professionals with deep expertise in the African market and is well-equipped to deliver world-class financial solutions to its clients.
Access Bank Paris has already received regulatory approval from the French Prudential Supervision and Resolution Authority (ACPR) and is now fully operational.