Africa’s largest retail bank and Nigerian financial institution, Access Bank Plc, has commenced operations in Paris, France, as part of its global expansion drive. Sources monitored by this author indicated that Access Bank was planning to expand its footprint in Europe and the United States.
Chief Executive of Access Holdings Plc, Herbert Wigwe said the bank would capitalise on emerging global business opportunities. “I think that you would see a lot of expansion across the continent over the next couple of years, but I think beyond that, you would see us do a bit more in Europe, and perhaps before the end of the next five years, the corporate strategic plan would have put our flags in the US,” the banker told CNN recently.
In order to achieve its expansion targets, the bank has already launched its French subsidiary, and it will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa.
Wigwe explained that the range of banking products and services would be a valuable asset for businesses looking to trade internationally, while the bank’s corporate and investment banking services would help businesses access capital, manage their cash flow, and mitigate risk.
He expressed high confidence that the bank’s trade finance solutions could necessarily help businesses to navigate the complexities of cross-border trade, and at the same time, the digital capabilities make banking more convenient and efficient for all customers.
While commenting on the purpose of the bank’s strategic expansion efforts, the banker said, Access Bank PLC, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another country in Europe and France provides a very strong platform for us to do so.
“Beyond that, Access Bank has a great presence in the Francophone world that relies significantly – in terms of trade – on France, so, Access Bank in Paris will work to support trade possibilities and trade finance solutions to businesses in those regions, ranging from large conglomerates to SMEs and more,” he asserted.
Access Bank said the launch of its operations in France is uniquely positioned to create opportunities for scaled economic growth and development across Africa while helping international investors see the continent as a viable market to do business.
To facilitate the flow of capital, goods, and services across borders and support economic growth and development in both regions of focus, the bank will leverage its expertise in cross-continental trade and its strong network of partners and clients.
As an organisation continuously committed to digital innovation, Access Bank has not only launched several initiatives that drive the adoption of technology within the banking industry, but has also contributed significantly to sustaining the efforts at changing the dynamics of various activities conducted in our global socio-political and economic spheres.
Access Bank has, over the years, led technological and digital innovations while seamlessly incorporating the fluidity of technological advancements to improve customer service and guarantee top-notch financial services.
The Access Bank has worked to facilitate the effective utilization of digital innovation for businesses development. It has driven the creation of the bank’s digital and information technology, and has inspired the incorporation of digital innovations – such as Facepay, Access Closa and AccessMore mobile application.
Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and 49+ million customers. Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders. As at 31 March 2022, Access Bank had total assets of approximately $28.8 billion.
It is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 52 million customers. The Bank employs nearly 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.
