Access Holdings Plc has announced that its banking subsidiary, Access Bank UK Limited, has established its first fully owned subsidiary in Malta.
The disclosure, published on the Nigerian Exchange on December 10, 2024, and signed by the company’s secretary, Sunday Ekowchi, stated that the new entity will operate as Access Bank Malta Limited.
According to the statement, the move is part of Access Holdings’ global expansion strategy and has received licensing approvals from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
The company noted:
“The banking license application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signaling a step towards enhancing trade connectivity between Europe and Africa.”
The approval allows Access Bank Malta Limited to operate as a credit institution, furthering the group’s aim to facilitate trade between Europe and Africa.
Benefits of Malta
According to the release, Malta is a well-established international financial hub and a strategic gateway between Europe and Africa, offering a unique platform to foster trade and economic partnerships.
Expanding into Malta will enable The Access Bank UK Limited to seize growing Europe-Africa trade opportunities, showcasing the company’s commitment to global trade.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc and the Banking Group, emphasized:
“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.”
He added that this decision would enhance the bank’s ability to provide innovative solutions tailored to cross-border trade and investment needs.
Jamie Simmonds, Founding CEO and Managing Director of The Access Bank UK Limited, also commented:
“Europe has become Africa’s leading trading partner, supported by initiatives like the Economic Partnership Agreements and the African Continental Free Trade Area (AfCFTA). With Europe-Africa economic relations evolving, Access Bank Malta Limited is ideally positioned to deepen trade and meet the growing banking and financing needs of clients in these dynamic markets.”
Backstory
In November 2024, Access Holdings Plc revealed that its banking subsidiary, The Access Bank UK Limited, had signed a binding agreement to acquire a majority equity stake in Afrasia Bank Limited, Mauritius’ fourth-largest bank by total assets.
According to the disclosure, this transaction marks a significant milestone for Access UK and the broader Access Holdings banking franchise, leveraging Mauritius’ established financial services sector to drive growth and expand its reach.
- Throughout 2024, Access Holdings has strategically grown its footprint through several acquisitions, including an 80% stake in Uganda’s Finance Trust Bank, the complete acquisition of the National Bank of Kenya, and the African Banking Corporation of Tanzania, now rebranded as Access Bank Tanzania.
- Additionally, the group merged with ARM Pension Managers to create Access ARM Pensions, solidifying its position as one of Nigeria’s largest pension administrators.
- Most recently, Access Bank Plc, the group’s flagship subsidiary, completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
However, the recent creation of a subsidiary in Malta comes amid controversies over Nigeria’s growing imports from the country and accusations by Aliko Dangote against NNPCL.
Dangote accused the operators of the Malta blending plant of undermining Nigeria’s oil production, claiming that NNPCL staff, oil traders, and terminal operators set up a facility in Malta.
- Nairametrics observed that there was no record of imports from Malta in the first and second quarters of 2024.
- However, by Q3 2024, the imports from this country accounted for 5.23% of Nigeria’s total imports of N14.67 trillion.
Despite the controversy, Access Holdings’ subsidiary setup in Malta appears to be thriving, as the company focuses on growth through mergers and acquisitions, solidifying its position as a leading player in Africa’s financial sector.
