The Access Bank UK has officially opened a branch in Hong Kong, in what it says is a first for a West African lender.

The UK-headquartered bank, which is owned by Nigeria’s Access Bank, says the Hong Kong branch will focus on trade finance and commercial banking, and “capitalise on the expanding economic partnership between Asia and Africa, supporting the increasing flow of trade between these regions”.

Ernest Law is managing director and CEO of the Hong Kong entity, a role he has held since 2017. The branch is expected to initially employ around 25 people.

Law says the Hong Kong unit is “a key element of The Access Bank UK Limited’s ongoing growth and international expansion strategy”.

The bank already has branches in Paris and Dubai, while a Maltese subsidiary is “in the process of formal opening”, a spokesperson says, adding that the lender is looking at the US as its “next destination”.

Two-way trade between China and Africa reached US$282.1bn in 2023, according to Chinese government figures, and trade in the first half of this year jumped by 5.5% to US$166.6bn.

Jamie Simmonds, Access Bank’s founding CEO, says the growth shows “the timing of our Hong Kong branch launch is ideal to meet the financing and banking needs of our clients in these expanding markets”.

Access Bank received a restricted banking licence from the Hong Kong financial regulator in December 2023. A spokesperson declined to say when the application had been made.

The bank more than doubled its post-tax profit in 2023 to US$112.2mn, according to its annual report, driven by a jump in interest income.