Access Bank To Acquire 100% Stake In Bidvest Bank

Access Bank Plc has entered into a binding agreement with South Africa’s Bidvest Group Limited to acquire a 100 percent equity stake in Bidvest Bank, marking a significant step in the bank’s strategy to expand its presence in Africa and reinforce its position as a key player in the continent’s financial sector.

The acquisition aligns with Access Bank’s strategic objectives to deepen its footprint in South Africa, one of the continent’s most dynamic financial markets. Once completed, the merger will create a larger platform to support the bank’s regional growth, particularly within the Southern African Development Community (SADC). The deal is expected to close in the second half of 2025, pending regulatory approvals.

Bidvest Bank, established in 2000, provides a comprehensive suite of services, including corporate and retail banking solutions. As of its fiscal year ended June 2024, the bank reported total assets of USD665.0 million and an audited profit before tax of USD20.0 million.

Mr. Roosevelt Ogbonna, Managing Director/Chief Executive Officer (CEO) of Access Bank, highlighted that this acquisition highlights Access Bank’s ambition to expand across Africa and solidify its market leadership in South Africa. He emphasised the bank’s focus on efficiency and the long-term growth opportunities the merger will create, particularly by combining Access Bank’s established regional presence with Bidvest’s strong local expertise.

The acquisition is poised to drive significant synergies, enabling Access Bank to enhance its trade and retail banking services. The merger will create a unified platform with expanded capabilities for supporting intra- and inter-Africa trade, fostering regional integration, and creating new business opportunities across the continent.

Mr. Mpumi Madisa, CEO of The Bidvest Group, expressed confidence that Access Bank is the right partner to ensure Bidvest Bank’s continued growth and sustainability. He noted that the transaction would provide Bidvest Bank with the resources and expertise needed to thrive in today’s technology-driven and competitive banking environment.

This strategic acquisition is a part of Access Bank’s broader expansion plan to scale its operations across Africa, and it is expected to provide access to new markets and strengthen the bank’s position as a major player in global financial markets. In merging Bidvest Bank’s local capabilities with its own pan-African presence, Access Bank is positioning itself to be a key enabler of business growth and regional economic integration in Africa.