By Modupe Gbadeyanka
A top Nigerian financial institution, Access Bank Plc, has commenced operations in Paris, France, as part of its global expansion drive.
A few days ago, Business Post reported that Access Bank was planning to expand its footprint in Europe and the United States, as stated by the chief executive of Access Holdings Plc, the parent company of the lender, Mr Herbert Wigwe.
“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.
This target is already being met gradually as the bank launched its French subsidiary on Thursday, and it will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa.
Mr Wigwe explained that, “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.”
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.”
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.
