Access Bank launches in France to strengthen trade links between Africa and Europe
As part of its strategic moves to boost trade and investment between Africa and Europe, Access Bank Plc, one of Nigeria’s biggest financial services institutions, has established a new subsidiary in Paris, France.
With this bold move, the Nigerian financial institution has reinforced its commitment to strengthening cross-border trade and investment between Africa and the world, connecting businesses to opportunities within the continent as Africa’s gateway to the world.
The launch of Access Bank's Paris subsidiary marks a significant milestone in the bank's global expansion strategy. This move will enable Access Bank to expand its operations in Europe, strengthen its international presence, and deepen its relationships with global clients while serving as a hub for supporting the bank's growing trade finance business in Africa. It will also enable Access Bank to provide seamless banking services to its clients doing business in France and Europe.
With a population of over 67 million people and a GDP of €2.4 trillion, France is a key player in the global economy. Access Bank's new subsidiary will enable the bank to tap into the country's vast business opportunities, particularly in the area of cross-border trade finance.
The subsidiary's location in Paris is strategic, as it is the commercial and financial center of France with a vibrant ecosystem of businesses and institutions. This positioning will allow Access Bank to leverage its local expertise and extensive network to provide tailored solutions to its clients.
In his remarks at the launch event, the Group Chief Executive Officer of Access Holdings Plc, the parent company of Access Bank, Herbert Wigwe, noted that “the establishment of Access Bank Paris is in line with the bank's long-term strategy of becoming Africa's gateway to the world. He also expressed confidence that the new subsidiary will play a key role in driving trade and investment flows between Africa and France”.
Wigwe, while speaking on the purpose of the bank’s strategic expansion efforts, 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.
“Our range of banking products and services will be a valuable asset for businesses looking to trade internationally, while our corporate and investment banking services will help businesses access capital, manage their cash flow, and mitigate risk. “Furthermore, we are confident that the Bank’s trade finance solutions will help businesses to navigate the complexities of cross-border trade, and at the same time, our digital capabilities will make banking more convenient and efficient for all our customers,” he reiterated.