Access Bank UK, the UK subsidiary of Nigerian-listed Access Bank, said that its assets under management in its private banking and asset management business increased by more than 200 per cent to $18.5 million in 2012.
Total assets under management have continued to grow, and currently stand at $66 million, driven, the firm said, by its ability to ?deepen client relationships? by expanding its product portfolio to clients beyond its traditional focus on banking and asset management services.
?I am delighted that Access Bank UK has established itself so strongly in its first five years.
The bank is committed to sustainable banking and to passionate, innovative customer service.
The fact that we have seen such a large increase in our AuM in our private banking and asset management business is testament to that, and our ability to deliver products that perfectly match our clients? needs,? said Jamie Simmonds, chief executive of Access Bank UK.
Access Bank UK provides private banking services to African/Nigerian ultra high net worth individuals in the UK and Sub Saharan Africa.
Services provided include traditional private banking services, property and discretionary portfolio lending. The number of customers has grown year on year since the launch of the private bank in 2009.
The growth in number of customers has been driven by the increased inflow of African UHNW individuals into the UK due to its increased popularity in Africa as an international financial hub, the firm said.