Nigeria’s Access Bank recently opened a branch in Hong Kong to meet the growing trade finance needs of businesses in Africa, the Middle East and China.
The lender’s first opening in East Asia comes as China deepens ties with Africa and the Middle East amid geopolitical tensions with the West. The second-largest economy’s trade with Africa alone reached $282 billion in 2023, up 35% from 2019. Chinese and Hong Kong companies have also turned to the Middle East, launching financial products and developing production capacities.