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Access Bank Plc is set to acquire a full equity stake in South Africa’s Bidvest Bank, following the signing of a binding agreement with its parent company, Bidvest Group Limited. This landmark deal highlights Access Bank’s aggressive expansion strategy, positioning it to compete more robustly within the continent’s financial sector while gaining a foothold in the South African market.
Access Holdings Plc, through its Head of Media Relations, Olakunle Aderinokun, announced on Thursday that the agreement underscores the bank’s ambitions to solidify its presence in South Africa. According to Aderinokun, this move represents a pivotal step in optimizing recent acquisitions and bolstering the bank’s reputation as Africa’s premier link to global markets while emphasizing improved operational efficiency.
Established in 2000, Bidvest Bank has grown into a key player in South Africa’s financial sector, offering an array of services ranging from corporate and business banking to a variety of retail banking solutions.
By the close of its financial year in June 2024, the bank boasted total assets of $665 million, alongside an audited pre-tax profit of $20 million, reflecting its stable performance in a competitive market.
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The transaction is anticipated to be finalized by the latter half of 2025, pending necessary regulatory approvals. Once completed, Bidvest Bank will integrate with Access Bank’s existing South African operations, forming a robust platform designed to drive the bank’s regional expansion strategy across the Southern African Development Community (SADC).
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, commented: “This acquisition 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 establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs. 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.”
Mpumi Madisa, Chief Executive of The Bidvest Group, added: “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. It will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.”
The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market. By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.
