Access Bank to acquire 100% stake in S’African leader

Access Holdings Plc has announced that its banking subsidiary, Access Bank Plc, has signed a binding agreement to acquire a 100 per cent equity stake in South African-based Bidvest Bank Limited.

The announcement was disclosed in a document filed with the Nigerian Exchange Limited on Thursday, highlighting Access Bank’s commitment to expanding its presence in Africa and consolidating its position as the continent’s gateway to global markets.

Founded in 2000, Bidvest Bank is a niche South African financial institution, which offers a range of corporate, business, and retail banking solutions. As of its financial year ending June 2024, Bidvest Bank reported total assets equivalent to USD 665m and an audited profit before tax of USD 20m.

The acquisition, subject to regulatory approvals, is expected to be completed in the second half of 2025. Upon conclusion, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary to create a larger platform to anchor the bank’s regional growth strategy for the Southern African Development Community region.

Speaking on the development, Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, said, “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.”

Additionally, the Chief Executive of The Bidvest Group, Mpumi Madisa, also expressed confidence in the transaction, stating, “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.”

The financial institution added that the transaction aligns with Access Bank’s strategic objective of becoming a major player in the market. By leveraging Bidvest Bank’s local expertise and Access Bank’s pan-African presence, the acquisition is expected to enhance capacity for intra- and inter-African trade, create new opportunities for regional integration, and drive sustainable growth.

The PUNCH reported that Access Holdings Plc has announced the establishment of Access Bank Malta Limited, a fully owned subsidiary of its banking group, Access Bank UK Limited.