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Access Bank Plans to Acquire 100% Stake in South African Based Bidvest Bank
Access Bank Stake In Bidvest Bank: Access Holdings says 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 percent equity stake in Bidvest Bank Limited.
Sunday Ekwochi, Access Holdings’ secretary, announced the agreement in a corporate filing on the Nigerian Exchange Limited (NGX) on Thursday.
Access Bank Stake In Bidvest Bank
Access Holdings said the acquisition is expected to close in the second half of 2025, subject to regulatory approvals.
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.
“Access Bank Stake in Bidvest Bank 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.
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 $665.0 million and audited Profit Before Tax (PBT) of $20.0 million.
The acquisition is expected to close in the second half of 2025, subject to regulatory approvals.
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.
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Management From Both Companies Speaks On The Acquisition
Managing Director/CEO 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.
Mpumi Madisa, Chief Executive of The Bidvest Group, also 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. Also, it will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector,” Madisa stated.
The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market.
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.
