Access Holdings announced that its banking subsidiary, Access Bank Plc, has signed a binding agreement with South Africa’s Bidvest Group Limited to acquire a 100% equity stake in Bidvest Bank Limited.
This was disclosed in a corporate filing with the Nigerian Exchange Limited by Access Holdings’ secretary, Sunday Ekwochi, on Thursday.
Access Holdings stated that the acquisition is expected to close in the second half of 2025, pending regulatory approvals.
“This agreement reflects the Bank’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 optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies,” the statement reads.
“Founded in 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 Bank reported total assets equivalent to $665 million and audited profit before tax of $20 million.
“Upon conclusion of this acquisition, Bidvest Bank 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.”
Speak on the deal, the managing director and chief executive officer of Access Bank, Roosevelt Ogbonna, said that the acquisition aligns with the company’s goal to expand across Africa and strengthen its presence in key markets, with South Africa as 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,” Ogbonna said. “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.”
On his part, the CEO of Bidvest Group, Mpumi Madisa, expressed his satisfaction that Access Bank aligns with the objectives of the South African company and provides reassurance for the continued sustainability and success of Bidvest Bank.
“The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market,” Madisa said.
“By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.”
Madisa stated that the deal will enable the bank to advance, scale, and grow sustainably in today’s fast-changing, technology-driven, and highly competitive sector.
