The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed company. The bank 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 Africa, MENA and Asian markets.
“We are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. The Access Bank UK Limited – Dubai Branch, situated in the iconic Gate Building of Dubai International Financial Centre (DIFC) is regulated by the Dubai Financial Services Authority (DFSA),” the bank said.
“Like our parent, we are committed to developing a sustainable business model for the environment in which we operate. This is reflected in our moderate appetite for risk, our passion for customer service and our commitment to building long-term relationships by working in partnership with our customers,” the company stated further, while adding, “We play a key role in our Group’s vision ‘to be the world’s most respected African bank’. As such, we refuse to chase unsustainable yields as a route to growth. Instead, we focus on building our business through the strength of our customer relationship.”
In 2018, The Access Bank Ltd became a direct member of the three key UK payment clearing systems, namely BACS (Bankers’ Automated Clearing Services), C&CCC (Cheque and Credit Clearing Company’s Image Clearing System) and Faster Payments.
While talking about these developments, The Access Bank UK Ltd’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.”
The Access Bank UK Ltd provides a number of services to support business activities in Africa and across the world.
The bank was awarded Confirming Bank status by the International Finance Corporation as part of their Global Trade Finance Programme.
“We were the first Nigerian Bank in the UK to be appointed as correspondent bank to the Central Bank of Nigeria to undertake infrastructure work on behalf of the Nigerian government. We also issue Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC),” the bank commented.
The Access Bank UK Ltd’s ‘Commercial Banking Team’ offers relationship-based service for its corporate and individual customers, as well as a wide range of financial products and services with a choice of competitive rates, market-leading systems and top-quality service.
“Our Global Private Bank has been built around our passion for delivering excellent service. We deliver innovative investment solutions to our discerning clients who value trust, integrity and accountability as well as investment performance. We take a proactive approach to product and service delivery and offer unique investment solutions, which are tailored to the needs of our customers by a highly experienced Private Banking team,” the bank remarked.
Building a strong presence in Dubai
The Access Bank UK Ltd’s Dubai branch offers a broad range of products and services to assist customers in the MENA region, who have trade and investment needs in Nigeria and Africa. The DIFC Branch has been entrusted with the job of building a long-lasting business relationship in the region, which is in line with the approach that has proven effective for The Access Bank UK Ltd.
“The combination of the Dubai branch together with our presence in the UK and Nigeria delivers a wealth of expertise that significantly benefits our customers,” the organisation stated.
Led by a team of industry professionals
The Bank is led by a team of experienced people dedicated to delivering superior financial solutions to businesses and individuals. The staff have worked in the African, MENA and other international marketplaces, and offer a wealth of knowledge and in-depth experience.
“We provide our employees with ongoing support and development opportunities, which reflect in their dedication and professionalism. We are very proud that Investors in People (IIP) have awarded us Platinum Status,” the bank commented.
“In common with parent, the Bank is committed to developing a sustainable business model for the environment in which it operates. This is apparent in our moderate appetite for risk, a passion for customer service and a commitment to working in close partnership with our customers to forge long-term relationships with them,” The Access Bank UK Ltd stated.
A bright future ahead
In the recent Report and Statutory Accounts for 2022, the bank has demonstrated another year of significant all-round growth, while achieving and exceeding its target for all the main growth strategies.
The report titled ‘Growing Internationally’ highlights The Access Bank UK Ltd’s strong operational performance by the lending body’s ‘Strategic Business Units’, along with the continued expansion in Africa and the MENA region.
Also, continuing income growth saw the bank pass the USD 100 million milestone for the third year in succession and achieve USD 131.5 million for the 2022/23 financial year, thus witnessing an 18% profit increase.
“In size terms, Trade Finance continued to be the largest SBU, growing overall income by 12% to USD 62.6 million, up from USD 55.8 million in 2021. Correspondent banks, excluding parent, contributed income of $32.6 million, representing 17% growth over the USD 27.8 million in 2021,” the bank commented further.
Commercial banking showed the largest growth of The Access Bank UK Ltd’s strategic banking divisions, with the total income reaching USD 49.7 million against the 2021 figure of USD 37.6 million, an increase of 32% on a year-on-year basis.
“Leveraging our proven relationship-based model to support customers at a critical point in Nigeria’s post-pandemic economic emergence was a key factor here. Asset Management showed a significant uplift in income to USD 8.1 million, a 62% increase on USD 5 million in 2021,” the bank stated further.
The Access Bank UK Ltd CEO and Managing Director Jamie Simmonds commented on the recently published results.
He said, “A difficult global trading environment did not impact on another strong core performance, with the Bank increasing operating income to USD 131.5 million, the third year in succession that it has passed the important $100 million income milestone. The Bank increased operating income in 2022 to USD 131.5 million, a rise of 18% on the USD 111.1 million achieved in 2021, despite the negative impact of the Russia-Ukraine conflict on global financial markets, inflation, Central Bank rates and commodity training.”
“Throughout my experience in financial services, my guiding principles have been to deliver excellent customer service and provide innovative solutions for the customers and markets that we serve. I have been involved in the turnaround of several existing businesses by going back to these basic principles and rebuilding from the ground up,” he stated further.
“When I established The Access Bank UK Ltd in January 2008 it was at a turbulent time in banking but we set the risk appetite, the processes and procedures and developed products that our customers wanted,” Jamie Simmonds remarked.
Herbert Wigwe, Chairman and Non-Executive Director, added, “Securing the approval of French regulators for the Bank to open a regulated branch in France was the highlight of a strong financial and operational performance in 2022.”
“Finally, I offer thanks to our customers for their support and for entrusting us with their funds which, for the first time, now exceed $1.25 billion, in terms of customer deposits,” he concluded.