Access Bank Plc has signed a binding agreement to acquire a 100% equity stake in South Africa-based Bidvest Bank from Bidvest Group Limited.
In a statement released on Thursday, Olakunle Aderinokun, Head of Media Relations for Access Holdings Plc, highlighted that the acquisition aligns with the bank’s commitment to expanding its footprint in South Africa and reinforcing its position as Africa’s gateway to global markets. The move also aims to optimise recent acquisitions and accelerate operational efficiency.
Founded in 2000, Bidvest Bank offers a wide range of financial services, including corporate and retail banking. As of June 2024, the bank reported total assets of $665 million and an audited profit before tax of $20 million.
The transaction is expected to close in the second half of 2025, pending regulatory approvals. Upon completion, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary to create a larger platform supporting the bank’s growth strategy in the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, said:
“This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority. By combining Bidvest Bank’s strong local expertise with Access Bank’s trade and retail banking capabilities, we aim to create a resilient, diversified, and sustainable platform for long-term growth and value creation.”
Mpumi Madisa, CEO of the Bidvest Group, expressed confidence in the partnership:
“Access Bank’s reputation and experience provide assurance for the sustained growth and prosperity of Bidvest Bank. This transaction positions the bank to thrive in a fast-evolving, technology-driven, and competitive industry.”
The acquisition aligns with Access Bank’s broader strategy to scale its operations and enhance its role in regional and pan-African trade. By leveraging Bidvest Bank’s local expertise and Access Bank’s continental presence, the merged entity aims to drive greater intra- and inter-African trade, foster regional integration, and create new opportunities for businesses across the continent.
