CBI: 50 YEARS OF BUSINESS INNOVATION | UK SPOTLIGHT


A RELATIONSHIP YOU CAN BANK ON


THE ACCESS BANK UK www.theaccessbankukltd.co.uk


When speaking to any representative of The Access Bank UK Ltd, there is no mistaking the pride and enthusiasm that surrounds the enterprise. Its decision to specialise in relationship banking, and its astute and prudent handling of the affairs of its customers, has enabled the company to attract and retain an impressive client list − both individual and corporate. As a result, it has built up a highly successful operation in less than a decade. When The Access Bank UK was founded in 2008 as a wholly owned subsidiary of the Nigerian Access Bank Group, its primary purpose was to obtain a licence to operate within the UK. Until then, customers seeking


confirmation for LCs (letters of credit) issued by the parent bank in Nigeria had been obliged to take them elsewhere. This meant, from a customer viewpoint, that they were not receiving the optimal level of service that the bank would have wished. The parent company’s long-established


reputation for probity ensured that the approval needed from the FSA was obtained more swiftly than for any other Nigerian bank. By October 2008, operations were under way to deliver the initial objective: to attract and grow trade-finance activity. Early recognition by the World Bank’s commercial arm, the IFC, as a confirming house for LCs, has also been integral to the progress of The Access Bank UK. In the few short years since its founding,


The Access Bank UK has experienced a near doubling in the ratio of its LC acceptances. “When we first started, around 50 per cent of the LCs would accept our confirmation,” says CEO Jamie Simmonds. “Now that figure is closer to 98 per cent.”


RELATIONSHIP BANKING The Access Bank UK is formed of four strategic business units (SBUs): Trade Finance, Commercial Banking, Asset Management and Treasury.


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“We do not focus primarily on transactions,” says Simmonds. “We want to truly understand the needs of our customers and develop strong relationships with them. This will enable us to provide products and services that meet their specific needs.” Trade Finance, which accounts for up to


70 per cent of its income, is the most substantial of the company’s SBUs. From an initial focus on confirming LCs issued by the parent company in Nigeria, Trade Finance has diversified, and now has a number of other key income lines. For example, one increasingly profitable activity has been in acting as a correspondent bank for sub-Saharan banking groups needing an OECD presence. Being the first Nigerian bank to be accredited


by the Central Bank of Nigeria (CBN) has made possible another important income stream – involvement in government infrastructure and energy contracts. Petroleum production is an important source of dollar revenue for Nigeria − and increasingly for Ghana, too − and when help is needed with the confirmation and issuance of LCs, it is to The Access Bank UK that they frequently come. In cases where risk is to be shared across banks for large transactions, The Access Bank UK is able to participate in and lead syndications. »


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