Access Holdings Plc has announced that its banking subsidiary, Access Bank Plc, has entered into a legally binding agreement to purchase a 100% equity stake in South African-based Bidvest Bank Limited, as part of its commitment to growing its footprint in Africa and solidifying its position as the continent’s entry point to international markets.
A document submitted to the Nigerian Exchange Limited available to the BrandSpur banking and finance news desk on Thursday revealed the revelation.
Bidvest Bank is a specialized financial institution in South Africa that was established in 2000 and provides a variety of business, retail, and corporate banking services. It declared total assets of USD 665 million and an audited profit before tax of USD 20 million as of the fiscal year that ended in June 2024. The acquisition is anticipated to be finished in the second half of 2025, pending regulatory approvals.
To establish a more expansive platform to support the bank’s regional expansion strategy for the Southern African Development Community, Bidvest Bank will eventually merge with Access Bank’s current South African subsidiary.
Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc, discussed the situation, saying: “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.”
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Mpumi Madisa, the CEO of The Bidvest Group, conveyed confidence in the deal by saying: “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 went on to say that the deal supports Access Bank’s strategic goal of dominating the market. The acquisition is anticipated to boost intra- and inter-African trade capability, open up new avenues for regional integration, and promote sustainable growth by utilizing Bidvest Bank’s local knowledge and Access Bank’s pan-African reach.
