business
Access Holdings Expands Globally with New Subsidiary in Malta
Access Holdings Plc has announced that its banking subsidiary, Access Bank UK Limited, has established its first fully owned subsidiary in Malta.
This development was disclosed in a statement published on the Nigerian Exchange on December 10, 2024, and signed by the company’s secretary, Sunday Ekowchi. The new entity will operate as Access Bank Malta Limited.
According to the statement, the move is part of Access Holdings’ ongoing global expansion strategy and has received the necessary licensing approvals from both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
The statement noted that the approval of the banking license by the ECB and MFSA represents a significant step in enhancing trade connectivity between Europe and Africa. Access Bank Malta Limited is now licensed to operate as a credit institution, supporting the group’s mission to facilitate cross-border trade.
Why Malta?
Malta is recognized as a strategic international financial hub, serving as a vital gateway between Europe and Africa. Its unique position allows businesses to capitalize on growing opportunities in trade and economic partnerships between the two continents.
By expanding into Malta, Access Bank UK Limited aims to tap into Europe-Africa trade opportunities while demonstrating its commitment to promoting global trade.
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Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc and the Banking Group, highlighted the importance of this expansion. “Establishing operations in Malta enables us to enter a market that bridges European and North African economies, aligning with our goal of becoming Africa’s Gateway to the World,” Ogbonna said.
He added that the new subsidiary would enhance the bank’s capacity to deliver innovative solutions tailored to the needs of cross-border trade and investments.
Jamie Simmonds, Founding CEO and Managing Director of The Access Bank UK Limited, also commented on the development. He noted that Europe has become Africa’s leading trading partner, supported by initiatives such as the Economic Partnership Agreements and the African Continental Free Trade Area (AfCFTA). “With Europe-Africa relations evolving, Access Bank Malta Limited is well-positioned to deepen trade and meet the growing banking and financing demands in these dynamic markets,” Simmonds stated.
Context and Strategic Growth
In November 2024, Access Holdings Plc announced 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. This acquisition underscores Access Holdings’ commitment to leveraging Mauritius’ robust financial services sector to accelerate growth.
Throughout 2024, Access Holdings has made significant strides in expanding its footprint. It acquired an 80% stake in Uganda’s Finance Trust Bank, fully acquired the National Bank of Kenya, and took over the African Banking Corporation of Tanzania, now renamed Access Bank Tanzania.
The group also merged with ARM Pension Managers, creating Access ARM Pensions and establishing itself as one of Nigeria’s largest pension administrators. Additionally, Access Bank Plc finalized the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
Controversies Surrounding Malta Expansion
The launch of Access Bank Malta Limited comes amidst controversies over Nigeria’s growing imports from Malta. Aliko Dangote has accused operators of a Malta-based blending plant of undermining Nigeria’s oil production, alleging that NNPC Limited staff, oil traders, and terminal operators established the facility in Malta.
According to report no records of imports from Malta during the first and second quarters of 2024. However, by the third quarter, imports from Malta accounted for 5.23% of Nigeria’s total imports, valued at ₦14.67 trillion.
Despite these controversies, Access Holdings’ expansion into Malta marks a significant milestone in its strategy of growth through mergers and acquisitions, solidifying its reputation as a leading player in Africa’s financial sector.