Access Bank has signed an agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100 per cent equity stake in Bidvest Bank Limited.
Access Bank announced this in a statement on Thursday, December 12, 2024.
The bank stated that the agreement reflects the bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets.
Speaking on the acquisition, the Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, said: “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.”
The Chief Executive of the Bidvest Group, Mpumi Madisa, stated: “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.
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“It will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.”
Access Bank further noted that the transaction aligns with its 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,” it added.
Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
“As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to $665 million and audited profit before tax of $20 million.
The acquisition is expected to close in the second half of 2025, subject to regulatory approvals. Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
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