Access Bank Plc, a subsidiary of Access Holdings, has taken a significant step in its expansion strategy by signing a binding agreement to acquire a 100% equity stake in Bidvest Bank Limited, a South African financial institution owned by Bidvest Group Limited.
The announcement was made on Thursday through a corporate filing by the secretary of Access Holdings, Sunday Ekwochi, on the Nigerian Exchange Limited (NGX). According to the filing, the deal is expected to be finalised in the second half of 2025, subject to regulatory approvals.
In the statement, Access Holdings emphasised the acquisition as part of its broader commitment to strengthening its presence in South Africa and enhancing its role as a gateway for African markets to connect globally.
“This 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 as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies,” the statement read.
Founded in 2000, Bidvest Bank was a niche South African financial institution offering corporate and business banking services alongside a diverse range of retail banking products. For its financial year ending June 2024, the bank reported total assets of $665 million and an audited profit before tax of $20 million.
Upon conclusion of the acquisition, Access Bank plans to merge Bidvest Bank with its existing South African subsidiary. This merger aims to create an expanded platform that will serve as a growth anchor for the Southern African Development Community (SADC) region.
Managing director and CEO of Access Bank, Roosevelt Ogbonna, highlighted the acquisition as a key milestone in the Nigerian bank’s pan-African growth strategy.
“It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs,” Ogbonna said.
He added that the acquisition presents an opportunity to integrate Bidvest Bank’s strong local expertise with Access Bank’s robust trade and retail banking capabilities.
“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,” Ogbonna stated.
The development is expected to accelerate the bank’s regional strategy and provide a springboard for further growth across the SADC region.
