Access Bank has launched its first Asian branch in Hong Kong, aiming to strengthen Africa-China trade ties. The new branch, focusing on trade finance, operates under a restricted license, enhancing Access Bank’s global reach amid Hong Kong’s non-Western market pivot.
Nigeria's largest bank, Access Bank, has opened a new branch in Hong Kong, marking its first step into the Asian market as part of a broader strategy to facilitate trade between Africa, China, and other Asian regions.
Jamie Simmonds, CEO of Access Bank UK, highlighted Hong Kong's strategic role as a gateway for trade flows, especially given China's growing economic support for Africa. Amid tense U.S.-China relations and Hong Kong's pivot toward non-Western markets, this move aligns with China’s increased commitment to African development, including a recent pledge by President Xi Jinping to triple Africa's credit lines to $30 billion. Access Bank’s Hong Kong branch, which plans to focus on trade finance initially, aims to break even by 2027 and will explore commercial banking after achieving profitability.
Branch CEO Ernest Law noted that the Hong Kong office operates under a restricted banking license, allowing it to conduct merchant banking and capital market activities with deposits above HK$500,000 ($64,345).
The bank, which also has a representative office in Shanghai, views Hong Kong as an optimal hub for enhancing international trade ties.
