Access Holdings Plc has disclosed that its banking subsidiary, Access Bank Plc, has signed a binding agreement with South Africa’s Bidvest Group Limited to acquire a 100% equity stake in Bidvest Bank Limited.
In a statement, Access Bank emphasized the strategic importance of the acquisition. “This agreement reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating its position as the continent’s gateway to global markets.
It aligns with our efforts to optimize the benefits of recent acquisitions and accelerate the transition towards a greater focus on operational efficiencies,” the statement read.
Founded in 2000, Bidvest Bank is a profitable South African financial institution specializing in corporate and business banking solutions as well as diverse retail banking services. As of June 2024, the bank reported total assets of USD 665 million and an audited profit before tax of USD 20 million.
The acquisition, which remains subject to regulatory approvals, is expected to conclude in the second half of 2025. Once finalized, Bidvest Bank will merge with Access Bank’s existing South African subsidiary, creating an expanded platform to drive the bank’s growth strategy within the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, highlighted the significance of the deal: “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 building a resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs. Bidvest Bank offers a unique opportunity to integrate its strong local expertise with Access Bank’s robust trade and retail banking capabilities, fostering long-term growth and value creation.”
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in the deal: “As a well-respected and experienced financial services entity, I am pleased that Access Bank aligns with our objectives and assures the bank’s continued sustainability and prosperity.
This partnership will enable Bidvest Bank to scale, advance, and thrive in today’s fast-evolving, technology-driven, and competitive financial landscape.”
This acquisition marks another milestone in Access Bank’s efforts to establish itself as a leading pan-African financial institution, further strengthening its position in one of the continent’s largest economies.
