Access Bank Signs Master Participation Agreement with African Finance Corporation (AFC)
As part of ongoing initiatives to guarantee offering of excellent trade services to its numerous clienteles across the globe, Access Bank has signed a trade finance master participation agreement with the African Finance Corporation, (AFC). This agreement will provide a platform for collaboration between the two institutions in the area of trade finance and pave the way for establishing even more collaboration in other areas of mutual interest with particular focus on infrastructure financing.
On the agreement, Ebenezer Olufowose, Executive Director, Investment Banking, Access Bank Plc, said “Access Bank has established itself as a leading trade finance house in Nigeria. The bank is desirous of extending this market leadership to other African markets where it is present. The signing of this agreement with AFC will enable us achieve this objective while simultaneously enhancing our capability to handle larger and more complex transactions. He added that the agreement will add value to the bank’s trade services offerings and enhance the bank’s capacity to continuously delight its customers.”
Also commenting on the master participation agreement, Solomon Asamoah, Deputy CEO and Chief Investment Officer, Africa Finance Corporation, said that “this occasion is unique as it is a precursor to a rare combination of expertise. This partnership will bring forth clear value to the banking public and the society at large as it allows both institutions access into each other’s areas of strength. For instance, we will have the opportunity to leverage Access Bank’s trade finance expertise and extensive African coverage to deliver our acclaimed structured trade and project financing products across the continent, whilst Access Bank will be able to provide additional banking services and products to these transactions and their clients. It’s a powerful combination”.
Access Bank is one of the top 4 leading banks in trade finance in the Nigerian financial services landscape. The bank has extensive collaborative and beneficial network of relationships with foreign commercial banks, development finance institutions and export credit agencies covering all major trade centres of the world. The Bank recently emerged the winner of the year 2010 International Finance Corporation’s “Most Active Issuing Bank in Africa” award under its Global Trade Finance Programme. The Bank also received the following IFC awards for “Innovation in Trade Structures” in 2007 and “Best GTFP Network Bank” in 2008.