Access Holdings Plc, through its banking subsidiary Access Bank Plc, has signed a binding agreement to acquire a 100% equity stake in South African-based Bidvest Bank Limited. The agreement, reached with Bidvest Group Limited, aligns with Access Bank’s strategy to expand its footprint across Africa and strengthen its position as a gateway to global markets.
The acquisition is a step in the bank’s ongoing efforts to solidify its presence in the African banking industry, optimize recent investments, and enhance operational efficiency to drive growth in the competitive financial sector.
Bidvest Bank, founded in 2000, is a profitable niche South African financial institution specializing in corporate, business, and retail banking solutions. As of its fiscal year ending June 2024, the bank reported total assets equivalent to USD 665 million and an audited profit before tax of USD 20 million.
This acquisition, set to close in the second half of 2025 pending regulatory approvals, will merge Bidvest Bank with Access Bank’s existing South African subsidiary. This move will create a larger platform to support Access Bank’s regional growth strategy in the Southern African Development Community (SADC) region and contribute to fostering intra-African trade and regional integration.
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Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, highlighted the strategic importance of the deal.
“This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority. It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs. Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank’s robust trade and retail banking capabilities, creating a platform for long-term growth and value creation.”
Mpumi Madisa, Chief Executive of Bidvest Group Limited, echoed these sentiments, expressing confidence in Access Bank’s ability to propel Bidvest Bank forward.
“As a well-respected, experienced, and prominent financial services entity, I am pleased that Access Bank meets our objectives and provides reassurance for the continued sustainability and prosperity of the bank. It will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.”