Access Bank to Acquire Bidvest Bank in Major South African Expansion
Deal Set to Create Stronger Financial Platform in Southern Africa
Access Holdings Plc has announced a binding agreement to acquire a 100% equity stake in Bidvest Bank Limited, a strategic move aimed at expanding its presence in the South African financial market.
The acquisition, expected to be completed in the second half of 2025, involves purchasing Bidvest Bank, a profitable financial institution established in 2000. As of June 2024, the bank reported total assets of US$665 million and an audited profit before tax of US$20 million.
Access Bank’s Managing Director/CEO Roosevelt Ogbonna emphasized the strategic importance of the acquisition, stating that it supports the bank’s ambition to expand across Africa and strengthen its presence in key markets. The transaction will merge Bidvest Bank with Access Bank’s existing South African subsidiary, creating a platform for regional growth in the Southern African Development Community (SADC) region.
“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,” he said.
Bidvest Group CEO Mpumi Madisa expressed confidence in Access Bank, noting that the acquisition will enable the bank to advance and grow sustainably in a rapidly changing, technology-driven financial sector. “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,” Madisa said.
The deal is subject to regulatory approvals and is designed to leverage Bidvest Bank’s local expertise with Access Bank’s trade and retail banking capabilities. It however represents an important step in Access Bank’s strategy to build scale and become a major player in the African financial market.
