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Access Holdings, through its banking subsidiary Access Bank Plc, has announced a definitive agreement to acquire 100% equity in Bidvest Bank, a leading niche financial institution in South Africa. The transaction, valued at approximately $159 million, was disclosed in a regulatory filing on the Nigerian Exchange Limited (NGX) by Access Holdings’ Secretary, Sunday Ekwochi.
Advancing African Expansion Goals
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, described the acquisition as a strategic move within the bank’s broader African expansion ambitions, with South Africa identified as a critical market.
“This acquisition underscores our commitment to building a resilient, diversified, and sustainable business model that leverages technology to meet the evolving needs of our customers,” Ogbonna emphasized.
Bidvest Bank: A Strategic Asset
Founded in 2000, Bidvest Bank has established itself as a premier niche financial institution in South Africa, offering a diverse portfolio of corporate, business, and retail banking services. As of June 2024, Bidvest Bank reported total assets of $665 million and an audited profit before tax of $20 million.
Unlocking Synergies for Long-term Growth
Ogbonna highlighted the complementary strengths of both institutions, emphasizing that the merger will combine Bidvest Bank’s local expertise with Access Bank’s robust trade and retail banking capabilities. This partnership is expected to create a sustainable platform for long-term growth within South Africa and the Southern African Development Community (SADC) region.
The deal is slated for completion in the second half of 2025, pending necessary regulatory approvals. Upon closing, Bidvest Bank will integrate with Access Bank’s existing operations in South Africa to strengthen its presence and service delivery in the region.
Confidence in Continued Success
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed optimism about the acquisition, praising Access Bank’s reputation and expertise.
“Access Bank’s strong reputation ensures the continued sustainability and growth of Bidvest Bank, even in today’s fast-evolving, technology-driven financial landscape,” Madisa said.
Broader Expansion Strategy
The acquisition aligns with Access Bank’s aggressive expansion strategy across Africa. Recent milestones include the completion of deals to acquire BancABC Tanzania and Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone.
Furthering its pan-African footprint, Access Holdings has also announced plans to acquire a majority stake in Afrasia Bank, Mauritius’ fourth-largest bank, and extend its operations to Malta.
Building the World’s Most Respected African Bank
These strategic moves underscore Access Bank’s ambition to become the world’s most respected African bank, leveraging mergers, acquisitions, and cutting-edge service offerings to drive growth across the continent.
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