Access Bank UK Limited: Who are we?
The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange-listed company.
The Access Bank UK Limited provides Trade Finance, Commercial Banking, Private Banking, and Asset Management products and services for customers in their dealings with Organisation for Economic Co-operation and Development (OECD) markets and supports companies wishing to invest in and trade in Sub-Saharan Africa, MENA and Asian markets.
The company is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
Located at a prime location in the iconic Gate Building of Dubai International Financial Centre (DIFC), the Access Bank UK Limited – Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA).
Passion for customer service & building long-term relationships
The Access Bank UK Limited is committed to developing a sustainable business model for the environment in which it operates. This is apparent in its moderate appetite for risk, a passion for customer service and a commitment to working in close partnership with the customers to forge long-term relationships with them.
In 2018 the Bank had become a direct member of the three key UK payment clearing systems: Bacs (Bankers’ Automated Clearing Services), C&CCC (Cheque and Credit Clearing Company’s Image Clearing System), and Faster Payments.
Speaking about this achievement, The Access Bank UK’s Chief Executive Officer and Managing Director, Jamie Simmonds said, “This is a great landmark for us, enabling us to build a sustainable platform with direct entry into the UK payment clearing system. This will enable us to enhance the level of service our customers receive. We have a clear commitment to strong customer service and we anticipate and respond quickly to market needs with the right technology, products, and services. Joining the UK payment clearing system is a clear example of meeting the needs of our customers.”
What we provide
The Access Bank UK Limited provides a number of services to support business activities in Sub-Saharan Africa and the MENA region.
Having been awarded Confirming Bank status by the International Finance Corporation as part of their Global Trade Finance Programme has resulted in strengthening their Trade Finance capabilities further.
Being the first Nigerian Bank in the UK to be appointed as a correspondent bank to the Central Bank of Nigeria to undertake infrastructure work on behalf of the Nigerian government, the bank also issued Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC).
Their Commercial Banking team offers relationship-based service for corporate and individual customers. In addition, they also offer a wide range of products and services with a choice of competitive rates, market-leading systems, and high-quality service.
The Global Private Bank has been built around a passion for delivering excellent service. With the delivery of innovative investment solutions to discerning customers who value trust, integrity, and accountability as well as investment performance, the bank has gained a lot of recognition.
A proactive approach to product and service delivery and offering unique investment solutions are the key aspects of the bank which is tailored to customers’ needs by a highly experienced Private Banking team.
The Access Bank UK – Dubai Branch offers a broad range of products and services to assist customers in the MENA region with trade and investment needs in Nigeria and Sub-Saharan Africa.
The DIFC Branch is committed to building a long-lasting relationship in the region in line with the approach that has proven so effective for The Access Bank UK Limited.
The combination of both the branches in the UK and Nigeria delivers a wealth of expertise that significantly benefits our customers.
Provide satisfaction to both customers and employees
The Access Bank UK Limited takes time to build long-term relationships and work closely with the customers to understand their goals in order to create a strategy designed to meet their needs.
The bank also provides constant support and development opportunities for the employees, which reflects in their dedication and professionalism.
The bank is led by a team of accomplished individuals determined to deliver superior financial solutions for businesses and individuals. The staff is highly experienced and many have spent time working in the Sub-Saharan, West African and international marketplaces.
The Access Bank UK Limited is firmly committed to the diversity of the workforce. The bank encourages a sense of individual ownership while also fostering team spirit.
The end result is to help employees realise their potential through the provision of continuous learning opportunities and the tools and training to support professional growth.
“Our people are fundamental to our bank’s continued development. They provide the skills that deliver our focus on service and customer relationships. Reflecting this, during the year we selectively recruited additional members to the team and also invested more in professional development. We were the first Nigerian bank to achieve Investors in People accreditation. We have now advanced our status to Platinum. We believe that our consistently low staff turnover rate reflects in part the advances we have made in training and development. The Bank is currently working in partnership with the Chartered Institute of Personnel & Development (CIPD) programmes,” Jamie Simmonds said.
The Access Bank UK Ltd attains all-round growth and exceeds target
According to the Report and Statutory Accounts for 2021, the bank has demonstrated yet another year of significant all-round growth, achieving and exceeding the target for all the main growth strategies.
Entitled “Charting a course for the future” the report highlights a strong operational performance by the main Strategic Business Units and continued growth and expansion in Sub-Saharan Africa and the MENA region.
Continuing income growth saw the Bank pass the USD 100 million milestones for the second year in succession and achieve USD 111.1 million for the year, an increase of 10%.
Trade Finance maintained its upwards trajectory, with income up 9% year-on-year to USD 55.8 million and correspondent banking income growing to USD 27.8 million, up 12% year-on-year.
The Commercial Banking income has reached USD 37.6 million while Asset Management income rose by 52% to USD 5 million. The retail products continued to attract interest, with GBP 152.2 million flowing into our 1, 2, and 3-year bonds during the year. Also, the bank was pleased to announce the launch of its new Visa debit card to both personal and business customers.
Commenting about the recent results and growth of the bank, Jamie Simmonds said, “A challenging external environment and trading conditions failed to dent another strong performance, as the Bank passed the USD 100 million income milestone for the second year running to generate operating income of USD 111.1 million, representing year-on-year growth of 10%. The performance once again reinforced the effectiveness of our proven income-driven strategy, in which we deepened relationships with key customers and retained relationships that we have had for a decade or longer.”
Echoing similar views, Chairman and Non-Executive Director Herbert Wigwe stated that the Bank has emerged fitter through the continued growth.
He said, “In achieving another strong set of results in 2021, the Bank has emerged fitter through the continued growth and retention of its customers and an increase in staff, despite another year made difficult by the restrictions of the ongoing COVID-19 pandemic.”