Access Holdings, through its banking subsidiary, Access Bank Plc, has completed an agreement to acquire 100% equity in Bidvest Bank, a leading second-tier South African bank, in a deal worth about $159 million.
Access Holdings’ Secretary, Sunday Ekwochi, announced the agreement in a Thursday filing on the Nigerian Exchange Limited (NGX).
According to the Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, the acquisition supports the bank’s ambition to expand across Africa and solidify its 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,” Ogbonna stated in the filing.
Since 2000, Bidvest Bank has established itself as a prominent niche financial institution in South Africa, offering a wide array of services that include corporate and business banking solutions, as well as diverse retail banking products. As of June 2024, the bank reported total assets amounting to $665 million and an audited profit before tax of $20 million.
“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,” Ogbonna added.
Access Bank is expected to complete the acquisition in the second half of 2025, pending approval from regulators. Once the deal is finalised, Bidvest Bank will merge with Access Bank’s current South African subsidiary. This merger aims to create a larger platform to support the bank’s growth plans in the Southern African Development Community (SADC) region.
Meanwhile, Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in the deal, stating that Access Bank’s strong reputation and experience will support its ongoing sustainability and growth. The merger is expected to create a more robust platform for both banks in an increasingly competitive and technology-driven financial landscape.
“As a well-respected, experienced, and prominent financial services entity, l 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 stated.
Access Bank has been actively expanding its operations across Africa through a series of strategic acquisitions. Recently, the bank completed the acquisition of BancABC Tanzania, marking a significant step in its growth strategy in East Africa.
This follows earlier agreements to acquire Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, which have also been finalised.
Additionally, Access Holdings has announced plans to acquire a majority stake in Afrasia Bank, the fourth-largest bank in Mauritius, further enhancing its regional presence. Two days ago, the bank also announced an expansion to Malta.
These moves are part of Access Bank’s broader vision to become the world’s most respected African bank by leveraging mergers and expanding its service offerings across the continent.
