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Access Bank UK Opens DIFC Office

by Lorys Charalambous,, Cyprus

09 October 2015

The Dubai International Financial Centre (DIFC), a free zone in the United Arab Emirates (UAE), announced on October 7, 2015, that The Access Bank UK has opened a representative office.

The Access Bank UK is a subsidiary of Nigerian multinational financial services organization Access Bank Plc.

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

The Access Bank UK's office in DIFC will continue to serve the bank's existing clients in the UAE and seek to build on opportunities to work with companies seeking to invest in Nigeria and other parts of Africa or those seeking trade finance.

"Nigeria is the world's 24th largest economy, making it a dominant market and a preferred investment destination", Jamie Simmonds, the CEO of the bank, said. "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."

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. Although the bank is a subsidiary of Access Bank Plc, it operates independently under UK regulations.

The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

TAGS: United Arab Emirates | tax | investment | business | Niger | Nigeria | tax incentives | law | banking | financial services | tax breaks | regulation | trade | individual income tax | Dubai | free trade zone | services | Africa

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