Access Holdings, through its banking subsidiary Access Bank Plc, has finalized an agreement to acquire 100% equity in Bidvest Bank, a prominent second-tier South African bank, in a transaction valued at approximately $159 million. The announcement was made by Access Holdings’ Secretary, Sunday Ekwochi, in a filing on the Nigerian Exchange Limited (NGX) on Thursday.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, emphasized that the acquisition aligns with the bank’s strategic goal to expand its footprint across Africa and strengthen its presence in key markets, with South Africa being a top priority.
“This acquisition 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.
Bidvest Bank, established in 2000, has built a reputation as a significant niche financial institution in South Africa, offering a comprehensive range of services including corporate and business banking solutions, as well as various retail banking products. As of June 2024, Bidvest Bank reported total assets of $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.
The acquisition is expected to be completed in the second half of 2025, subject to regulatory approvals. Upon finalization, Bidvest Bank will merge with Access Bank’s existing South African subsidiary, aiming to create a larger platform to support the bank’s growth plans in the Southern African Development Community (SADC) region.
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in the deal, highlighting Access Bank’s strong reputation and experience as key factors that will support the ongoing sustainability and growth of Bidvest Bank. The merger is anticipated 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, 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,” 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 finalized.
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. Just two days ago, the bank also announced an expansion to Malta. These strategic 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.
