UAE recognized as a priority market given the potential for much stronger links with Sub-Saharan Africa

Dubai, United Arab Emirates, 7th October 2015

With an objective to support the growth of trade relations between the UAE and Africa, The Access Bank UK, the largest trade finance Nigerian Bank in the United Kingdom, has announced the opening of its office in Dubai International Financial Centre (DIFC).

The announcement was made at a press event organized in DIFC that was attended by key executives from The Access Bank UK including Herbert Wigwe, Chairman and Non-Executive Director; Jamie Simmonds, Chief Executive Officer; Alyson Jeans, Commercial Banking and Asset Management Director and Rola Seifeddine, Head of the office in the UAE. 

"The economic links between UAE and Africa are already growing and we see this accelerating over the next decade.'' At The Access Bank UK, we are excited to establish our presence in the UAE in order to foster economic and trade ties between UAE and key African countries including Nigeria." states Herbert Wigwe, The Access Bank UK Chairman.

The Access Bank UK's office in DIFC will continue to serve the bank's existing clients in the UAE as well as introducing the bank's portfolio of services to companies keen on investing in Nigeria and other parts of Africa directly or through trade finance. 

"Nigeria is the world's 24th largest economy, making it a dominant market and a preferred investment destination", said Jamie Simmonds. "Over the past few years, businesses in the UAE have shown a natural affinity for expanding presence into Africa, and as a fully licensed independent subsidiary in the UK with a parent bank in Nigeria and with the opening of our Dubai office, we offer a unique and powerful combination to unlock opportunities for businesses who want to invest in Africa."

Olabode Augusto - independent economist highlighted that "whilst in the short term the outlook will be tough given the reduction in oil prices there is significant opportunity to invest more in manufacturing, oil and gas and infrastructure,  However you must know and understand the terrain and take a medium to long term view".

"With USD 30 billion of national reserves, Nigeria has been enjoying one of the fastest GDP growth over the last decade and by 2050, its population is expected to be bigger than that of United States," added Simmonds. "There is a lot of focus on enhancing indigenous production and attracting private investments to aid infrastructure development in Nigeria. Our decision to open an office in the UAE is driven by the increasing keenness of businesses in the UAE to leverage this opportunity and invest in Nigeria and other African countries where The Access Bank UK has strong presence."

His Excellency Essa Kazim, Governor of DIFC commented: "The Access Bank's decision to open a representative office at Dubai International Financial Centre reflects our growing status as a platform to access emerging markets' opportunities, and the potential of Dubai and the UAE as a whole to stimulate trade and investment along the South-South economic corridor.

As part of our recently announced 2024 Strategy, which is aligned with Dubai's 2021 vision, DIFC has identified key goals towards drawing new financial services firms, expanding the presence of a skilled workforce, enhancing infrastructure to optimise occupancy, increasing assets under management, and strengthening our balance-sheet position to eventually cement our position as one of the leading financial centres globally. We believe the implementation of these recommendations is crucial to boosting the growth of not only the financial centre, but also that of the UAE and the wider region," His Excellency continued.

The Access Bank UK was established in 2008 to provide customers in both the UK and Africa with a broad range of business and personal banking services. These include trade finance, treasury services, business and personal banking and wealth management. The bank is a member of The Access Bank PLC, but operates independently under the UK regulations.

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About Access Bank plc
Access Bank Plc is a full service commercial Bank operating through a network of 366 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through 4 business segments: Personal, Business, Commercial and Corporate & Investment banking.

The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa's most successful banking growth trajectory in the last ten years ranking amongst Africa's top 20 banks by total assets and capital in 2011.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

About The Access Bank UK Ltd
The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed company. The Access Bank UK Limited was established to provide customers in the UK and in Africa with a broad range of business and personal banking services. These include trade finance, treasury services, business and personal banking together with private banking and wealth management.

Our objective is to grow the international business of the Access Bank Group through excellence in customer service and innovative solutions in trade finance, commercial banking and asset management. We are licensed and regulated by the UK's Prudential Regulation Authority and Financial Conduct Authority (PRA and FCA) and are therefore in a strong position to support opportunities in Organisation for Economic Co-operation and Development (OECD) markets for Access Bank Group customers. At the same time, our position as Access Bank Group's OECD operational hub supports the flow of investment into markets in Nigeria, Sub-Saharan and West Africa.

We have a strong base in the UK and abroad which allows us to stay in touch with our customers wherever they are in the world. Our Head Office is located in the heart of the City of London and overlooks the Bank of England and our Operations division is near Manchester. We also have an office in Lagos, Nigeria, in the pleasant surroundings of the Osborne Estate in the Ikoyi area and in Dubai's International Financial Centre

About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region's markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.

The Centre offers all the elements found in the world's most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.

Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.

Currently, more than 1,327 active registered companies operate from the Centre, including 21 of the world's top 25 banks, 11 of the world's top 20 money managers, 7 of the top 10 insurance companies, and 9 of the top 10 law firms. 18,521 people work in the Centre.

DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3.0 billion and nominal GDP of US$7.9 trillion.

For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.

Media Contacts:
Sherif Zaki
Senior Manager
GOLIN, Dubai
Tel:   +971 4 3323308
Email: szaki@golin.ae

Hajar Al Ktebi
Associate Director, Corporate Communications & Public Relations
Dubai International Financial Centre
Tel: +971 4 362 2440
Email: Hajar.AlKtebi@difc.ae

© Press Release 2015