Access Bank Plc, a subsidiary of Access Holdings Plc, has signed an agreement to acquire 100% equity in South Africa’s Bidvest Bank Limited for $159 million.
Bidvest Bank, a specialized financial institution in South Africa that was founded in 2000, provides retail, business, and corporate banking services. The bank declared $665 million in total assets and $20 million in audited profit before tax as of June 2024.
The acquisition, which is expected to close in the second half of 2025 pending regulatory approvals, will see Bidvest Bank merge with Access Bank’s existing South African operations to create a robust platform for growth in the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, emphasized the significance of the acquisition, stating, “This deal 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’s local expertise will complement our robust trade and retail banking capabilities, enabling long-term growth and value creation.”
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Mpumi Madisa, CEO of Bidvest Group, expressed confidence in the partnership. “Access Bank meets our objectives and provides reassurance for the continued sustainability and prosperity of the bank. This collaboration will enable Bidvest Bank to scale and sustainably grow in a competitive and technology-driven financial landscape.”
This acquisition is the latest in a series of strategic moves by Access Bank to expand its African footprint. Recent acquisitions include Standard Chartered’s subsidiaries in Angola and Sierra Leone, as well as BancABC Tanzania.
The bank has announced plans to acquire a majority stake in AfrAsia Bank in Mauritius. It also plans to launch its first European subsidiary in Malta later this week, further strengthening its position as a key player in intra-African and global trade.
