Africa – Europe trade got a major boost after Nigeria’s Access Bank launched a subsidiary in Paris to tap investment opportunities.
Named Access Bank Paris, the new subsidiary seeks to tap into vast market size with over 67 million people and a GDP of €2.4 trillion.
Furthermore, this will expand the lender’s existing business and build trade ties between Africa and Europe.
Herbert Wigwe,Group CEO of Access Holdings, the parent company of Access Bank attributed the bank’s long-term strategy of becoming Africa’s gateway to the world.
In addition, he expressed confidence that the new subsidiary will play a key role in driving trade and investment flows between Africa and France.
“Beyond that, Access Bank has a great presence in the Francophone world that relies significantly—in terms of trade—on France.
Future of Africa – Europe Trade
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,” said Wigwe.
The French Prudential Supervision and Resolution Authority (ACPR) approved the new subsidiary.
Access Bank Paris is strategically positioned at the commercial and financial center of France to leverage its local expertise and extensive network to provide tailored solutions to its clients.
Moreover, Access Bank UK, would oversee the operations of the Paris subsidiary and would effectively become the umbrella company for other representative offices in the country.
Access Bank posted $2.99 million in the 2022 financial year becoming the first banking institution in Nigeria to hit and cross the $2.16 mark in gross earnings.
The performance was because of risk management, strong credit rating, and high growth potential, as well as the confidence in the bank by its various stakeholders.
African countries are forging synergies with Europe to foster trade through business partnerships.
For instance, in February, during the EU-Kenya Business Forum 2023 in Nairobi, the two sides sought to foster trade and investment.
According to the World Bank, the EU and the US remain the largest trading partners to the Africa region.