Nigeria’s Access Bank opens office in Dubai

The representative office is expected to benefit from the rising trade between Subsaharan Africa and Dubai.

Nigeria’s Access Bank has opened a representative office in the Dubai International Financial Centre (DIFC) as part of plans of boosting profitability which is forecast to surpass last year’s figures, the bank’s chairman said.

The representative office, which can only right now introduce potential customers to the bank’s services, is expected to benefit from the rising trade between Subsaharan Africa and Dubai.

The representative office is a unit of Access Bank UK. It’s the bank’s first presence in the Middle East.

“We have seen, particularly coming out of Access Bank UK, increased trade between the east and Subsaharan Africa and Dubai as a critical hub,” said Herbert Wigwe at a press conference in Dubai.

The Nigeria-listed bank is hoping to venture into trade finance and maybe advisory once it receives authorisation from the Dubai Financial Services Authority, the body in charge of regulating institutions operating in DIFC.

Access Bank is forecasting better growth in net profit this year from last year’s 20 per cent net profit growth.

“We are having increased retail activity, a more efficient balance sheet, lower cost of funds and better management of our loan book,” said Mr Wigwe.

The bank is eyeing further expansion into Asia and Europe, depending on market conditions, Mr Wigwe said.

Follow The National's Business section on Twitter