Access Holdings Plc has announced that its banking subsidiary, Access Bank Plc has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited. This agreement reflect the Banks’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimize the benefits of recent acquisition and accelerate its transition towards a greater focus on efficiencies.
Founded in year 2000, Bidvest Bank is a niche and profitable South African financial institution, providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products. As of its financial year ended June 2024, Bidvest reported total assets equivalent to $665 million and audited profit before tax of $20 million.
The acquisition is expected to close in the second half of 2025, subject to regulatory approvals. Upon completion of this acquisition, Bidvest will be merged with the Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc stated thus:
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 and retail banking capabilities, creating a platform for long-term growth and value creation.