Access Bank Acquires Bidvest Bank in $159 Million Deal, Strengthens Presence in South Africa
Access Holdings, through its banking subsidiary, Access Bank Plc, has finalized an agreement to acquire 100% equity in Bidvest Bank, a leading second-tier financial institution in South Africa. The deal, valued at approximately $159 million, was disclosed in a filing on the Nigerian Exchange Limited (NGX) by Access Holdings’ Secretary, Sunday Ekwochi.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, highlighted the acquisition as a strategic step in the bank’s African expansion plans, positioning South Africa as a key priority. “This acquisition underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs,” Ogbonna stated.
Established in 2000, Bidvest Bank has earned a reputation as a prominent niche financial institution in South Africa, offering a wide range of corporate, business, and retail banking services. As of June 2024, the bank reported total assets of $665 million and an audited profit before tax of $20 million.
Ogbonna noted that the merger of Bidvest Bank’s strong local expertise with Access Bank’s robust trade and retail banking capabilities creates a unique platform for long-term growth and value creation. The acquisition is expected to be finalized in the second half of 2025, pending regulatory approvals. Post-merger, Bidvest Bank will combine with Access Bank’s existing South African subsidiary to bolster operations within the Southern African Development Community (SADC) region.
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in Access Bank’s ability to sustain and grow Bidvest Bank’s legacy. “Access Bank’s strong reputation and expertise ensure the continued sustainability and prosperity of Bidvest Bank in today’s fast-changing, technology-driven, and highly competitive sector,” Madisa said.
This acquisition is part of Access Bank’s broader expansion strategy across Africa. Recently, the bank finalized the acquisition of BancABC Tanzania, a key step in its East African growth ambitions. It also completed deals to acquire Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone.
Additionally, Access Holdings has announced plans to acquire a majority stake in Afrasia Bank, Mauritius’ fourth-largest bank, and is expanding its operations to Malta. These strategic moves align with Access Bank’s vision to become the world’s most respected African bank, leveraging mergers and enhanced service offerings to drive growth across the continent.
Source: Techpoint
