Access Bank, a subsidiary of Access Holdings Plc, has announced its agreement to acquire a 100% equity stake in South Africa’s Bidvest Bank Limited. This acquisition marks a significant step in Access Bank’s strategy to expand its footprint in Africa, particularly in South Africa, as part of its broader goal to serve as the continent’s gateway to global markets. The deal, which aligns with the bank’s focus on operational efficiencies and regional consolidation, is subject to regulatory approvals and is expected to close in the second half of 2025.
Bidvest Bank, established in 2000, is a profitable niche financial institution in South Africa, offering corporate, business, and retail banking solutions. As of June 2024, the bank reported total assets of $665 million and an audited profit before tax of $20 million. Following the acquisition, Access Bank plans to merge Bidvest Bank with its existing South African operations, creating a larger platform to drive growth within the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, CEO of Access Bank Plc, emphasized the acquisition as a pivotal move to solidify the bank’s presence in Africa’s key markets, leveraging Bidvest Bank’s local expertise to complement Access Bank’s trade and retail banking capabilities. Bidvest Group CEO Mpumi Madisa expressed confidence in Access Bank’s ability to sustain and grow the business, highlighting the strategic alignment and opportunities for scaling in a competitive, tech-driven sector.