The Access Bank UK Limited, a wholly owned subsidiary of Access Bank Plc—listed on the Nigerian Stock Exchange—continues to strengthen its presence in key global markets while remaining committed to sustainable and relationship-led banking.
The bank provides a comprehensive suite of Trade Finance, Commercial Banking, Private Banking, and Asset Management services, supporting customers in their dealings with Organisation for Economic Co-operation and Development (OECD) markets and assisting companies seeking to invest in or trade with Africa, the MENA region, Asia and other international markets.
Authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA in the UK, The Access Bank UK Limited has built an international footprint that reflects its strategic ambitions. Its Dubai branch, located in the iconic Gate Building of Dubai International Financial Centre (DIFC), is regulated by the Dubai Financial Services Authority (DFSA). The Paris branch is authorised and regulated by the French Prudential Supervision and Resolution Authority (ACPR), while its Hong Kong branch, situated in the Central District of Hong Kong Island, is regulated by the Hong Kong Monetary Authority (HKMA). The bank’s most recent addition, The Access Bank Malta Limited—its first fully owned European subsidiary—is based in Sliema and is licensed and regulated by the Malta Financial Services Authority (MFSA).
Aligned with the ethos of its parent company, The Access Bank UK Limited is focused on developing a sustainable business model underpinned by prudent risk management, a strong customer service culture, and long-term customer relationships. Rather than pursuing unsustainable yields, the bank prioritises steady, quality growth through strong customer connections, in line with the group’s broader vision to become “the world’s most respected African bank.”
The Access Bank UK Limited plays a critical role in facilitating trade between Africa and the rest of the world. It holds confirming bank status under the International Finance Corporation’s Global Trade Finance Programme, enhancing its capabilities in this space. It was also the first Nigerian bank in the UK to be appointed as a correspondent bank to the Central Bank of Nigeria, undertaking infrastructure work on behalf of the Nigerian government and issuing Letters of Credit for both the government and the Nigerian National Petroleum Corporation (NNPC).
The Commercial Banking division offers a wide range of relationship-driven services to corporate and individual customers, supported by competitive pricing, modern technology, and high service standards.
Meanwhile, the Global Private Bank delivers bespoke investment solutions shaped by trust, integrity, and performance. A highly experienced private banking team provides clients with proactive service and tailored investment strategies.
In Dubai, the bank serves customers across the MENA region, facilitating trade and investment with Nigeria and broader African markets. The DIFC branch continues to emulate the successful relationship-based approach that has proven effective in the UK and elsewhere.
The Access Bank UK Limited is led by an experienced management team with deep expertise in African, MENA, and international markets. Employees benefit from ongoing professional development, fostering a culture of commitment and professionalism. This dedication was reaffirmed when Investors in People (IIP) re-accredited the bank with platinum status in 2023, recognising excellence in people management.
The year 2024 marked a period of strategic advancement, particularly in expanding Access Bank’s global operations. Following regulatory approval from the Hong Kong Monetary Authority in December 2023, the bank launched its Hong Kong Restricted Licence Branch, becoming the first West African bank to establish a presence in the region. This milestone strengthens Access Bank’s ability to capitalise on trade flows between China, other major Asian markets, and Africa, complementing its already successful models in Dubai and France.
In a further milestone, The Access Bank Malta Limited was approved in late 2024, making it the first bank to be licensed in Malta in nearly a decade and the first African bank to receive such an authorisation. The Malta office will play a key role in the bank’s European strategy.
According to the recently published 2024 Annual Report and Financial Statements, the bank exceeded its strategic objectives, highlighting robust execution and long-term vision. Titled “Africa’s International Gateway,” the report outlines strong performances across all Strategic Business Units (SBUs), with continued momentum in Europe and Asia. Total income grew by 18% year-on-year to USD 244.3 million, marking the second consecutive year the bank exceeded the USD 200 million income threshold.
Trade Finance remained the largest SBU, posting a 0.85% increase to USD 107 million (2023: USD 106.1 million). Commercial Banking experienced significant growth, with income rising 34.3% year-on-year to USD 106 million (2023: USD 78.9 million), and customer deposits climbing to USD 1.55 billion, a 6.8% increase.
The Asset Management division recorded its strongest performance to date. Designed to complement the more cyclical trade finance offering, the private banking strategy allowed clients to mitigate Naira-related risks through hard currency investments. As a result, Assets Under Management (AUM) rose to USD 565 million (2023: USD 440 million), a 23.37% increase, while income grew by 35.58% to USD 14.1 million (2023: USD 10.4 million).
Commenting on the results, CEO and MD of The Access Bank UK Limited, Jamie Simmonds said, “The year was marked by an acceleration of the bank’s efforts to deliver on its mandate from the Group to create and expand a strong international capability to capitalise on global trade flows into and out of Africa. The year’s solid performance has left us well-placed to build on the consistent progress of recent years and to start generating income from our expanded international network.”
David Charters, Chairman and Independent Non-Executive Director, added, “The launch of The Access Bank Malta Limited, our first fully owned subsidiary, and our status as the first bank in West African bank to establish a presence in Hong Kong, were the undoubted highlights of a year which saw the continuation of our international expansion plans. We enter the year ahead with cautious optimism, and in expectation of further measured growth, as our international operations move from the investment and start-up phase to start generating trade flows and income, whilst our core strategic business units continue to build on their successful financial and operational track records.”