Access Holdings Limited has informed the public and the Nigerian Exchange that its subsidiary, Access Bank Limited, is acquiring a 100% stake in South Africa’s Bidvest Bank.
This comes two days after Access Holdings announced that Access Bank UK has established its first fully owned subsidiary in Malta to strengthen trade ties between Europe and Africa.
On 12th December 2024, Access Holdings announced that its banking subsidiary had reached an agreement with South Africa’s Bidvest Group Limited to acquire Bidvest Bank.
The deal, which remains subject to regulatory approvals, is expected to be finalized in the second half of 2025.
The group highlighted the importance of the acquisition, stating it aligns with its vision to position Access Bank as a gateway to global markets and strengthen its presence in South Africa.
According to the statement:
“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 as it seeks to optimize the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.”
About Bidvest Bank
Founded in 2000, Bidvest Bank is a South African financial institution providing corporate and business banking services alongside a variety of retail banking products.
- As of its financial year ending June 2024, the bank reported total assets of USD 665.0 million and an audited profit before tax of USD 20.0 million.
- The acquisition is expected to be completed in the second half of 2025, subject to regulatory approvals.
Once finalized, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary to create a combined platform supporting the group’s regional growth strategy in the Southern African Development Community (SADC) region.
Comments from Executives
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, described the acquisition as a strategic move aligned with the bank’s ambition to expand its footprint across Africa and strengthen its presence in key markets.
“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,” Ogbonna remarked.
Echoing the significance of the deal, Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in the partnership, stating:
“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.”
Backstory
On November 27, 2024, Access Bank Plc finalized the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
- This milestone follows an earlier announcement on July 14, 2023, when Access Holdings Plc disclosed that its subsidiary, Access Bank Plc, had reached an agreement to acquire several of Standard Chartered’s sub-Saharan African operations.
A year after unveiling its plans, Access Holdings Plc confirmed the completion of the acquisition, stating:
“Access Holdings Plc is pleased to announce that its flagship subsidiary, Access Bank Plc, has completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.”
The recent 100% acquisition of Bidvest Bank reflects Access Bank’s strategic approach to strengthening its footprint in Africa.
