Access Bank Plc has entered into a binding agreement to acquire a 100% equity stake in Bidvest Bank, a South African financial institution under the Bidvest Group Limited.
This acquisition marks a significant milestone in Access Bank’s ongoing efforts to expand its operations across the continent, strengthen its presence in the African landscape and enhance its position as Africa’s gateway to global markets.
The announcement was made known by Olakunle Aderinokun, Head of Media Relations at Access Holdings Plc, underscores the bank’s commitment to broadening its footprint in South Africa, a key priority market.
According to Aderinokun, the acquisition aligns with Access Bank’s broader strategy of optimizing its recent acquisitions, improving operational efficiencies, and transitioning towards a more integrated and customer-focused banking model.
Bidvest Bank, founded in 2000, has established itself as a trusted player in the South African financial services sector. The bank provides a wide range of corporate and business banking solutions alongside diverse retail banking products.
As of its financial year ending June 2024, Bidvest Bank reported total assets of approximately USD 665 million and an audited profit before tax of USD 20 million.
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The transaction, which is expected to close in the second half of 2025 subject to regulatory approvals, will see Bidvest Bank merge with Access Bank’s existing South African subsidiary. This merger will create an enlarged platform poised to anchor the bank’s regional growth strategy in the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, expressed optimism about the acquisition, stating:
“This acquisition aligns with 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 the evolving needs of our customers.“
“Bidvest Bank offers a unique opportunity to combine its strong local expertise with Access Bank’s trade and retail banking capabilities. Together, we are creating a platform for long-term growth, regional integration, and value creation.”
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Mpumi Madisa, CEO of The Bidvest Group, echoed this sentiment, emphasizing the alignment of Access Bank’s goals with Bidvest Bank’s future potential:
“As a well-respected and experienced financial services institution, Access Bank aligns perfectly with our objectives for Bidvest Bank. This partnership provides reassurance about the continued sustainability and growth of the bank. It positions Bidvest Bank to scale and thrive in today’s fast-changing, technology-driven, and highly competitive banking sector.”
The acquisition is not just a financial transaction; it is a strategic partnership that integrates Bidvest Bank’s robust local capabilities with Access Bank’s extensive pan-African network. This combination creates a platform with greater capacity to support intra- and inter-African trade while connecting businesses and creating new opportunities for regional integration.
Access Bank’s continued investment in technology, innovation, and customer-centric solutions will enable the combined entity to adapt to evolving market demands. By leveraging these strengths, Access Bank aims to drive economic growth, enhance customer experiences, and solidify its standing as a leader in African banking.
The merger with Bidvest Bank represents more than an expansion into South Africa; it is a deliberate move to build the scale needed to become a dominant player in the African banking sector. Access Bank is poised to use this expanded platform to accelerate growth in the SADC region, fostering stronger economic ties and facilitating trade within and beyond Africa.