Access Bank

Access Bank Set to Acquire 100% Stake in South Africa’s Bidvest Bank

Access Holdings Plc has revealed that its banking arm, Access Bank Plc, has entered into a binding agreement to acquire the entire equity stake in Bidvest Bank Limited, a South African financial institution.

In a statement filed with the Nigerian Exchange Limited on Thursday, Access Bank highlighted the acquisition as part of its strategy to strengthen its African footprint and solidify its role as the gateway to global markets for the continent.

Founded in 2000, Bidvest Bank specialises in corporate, business, and retail banking solutions. For its financial year ending June 2024, the bank reported total assets of approximately $665 million and an audited profit before tax of $20 million.

The deal, which remains subject to regulatory approvals, is anticipated to close in the second half of 2025. Once completed, Bidvest Bank will be integrated with Access Bank’s existing South African operations, creating a larger platform to drive the bank’s growth strategy across the Southern African Development Community (SADC) region.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, described the acquisition as a crucial step in the bank’s African expansion agenda. “This acquisition supports our ambition to expand across Africa, with South Africa as a key priority. By combining Bidvest Bank’s local expertise with Access Bank’s trade and retail banking strengths, we aim to build a platform for long-term growth and value creation,” Ogbonna stated.

Echoing similar sentiments, Mpumi Madisa, CEO of The Bidvest Group, expressed confidence in the partnership, saying, “Access Bank’s reputation as a robust and experienced financial services player aligns with our goals for Bidvest Bank’s sustainability and growth. This transaction ensures the bank is well-positioned to thrive in a competitive and technology-driven financial landscape.”

Access Bank underscored that the deal will enhance regional trade opportunities, drive economic integration, and align with its vision to support intra- and inter-African trade through its expanded presence.

This development follows Access Holdings’ recent establishment of Access Bank Malta Limited, a fully-owned subsidiary of Access Bank UK Limited, reinforcing its strategy to scale operations both in Africa and globally.

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox, every week.

We don’t spam!

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *