Access Bank seals deal to acquire Bidvest Bank
Sopuruchi Onwuka
African’s fastest growing financial services provider, Access Bank Plc is in binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
Parent Access Holdings Plc announced that Access Bank Plc, through the agreement, seeks to strengthen its footprint in South Africa and consolidate on its position as the continent’s gateway to global markets.
According to a statement by the Head of Media Relations at Access Holdings Plc, Olakunle Aderinokun, Access Bank seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank is a profitable niche South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products. The bank which was founded in 2000 had in June 2024 closed its financial year with significant $665.0 million in total assets and profit before tax of $20.0 million.
Aderinokun stated that Access Bank’s acquisition of Bidvest Bank 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, he explained.
The Oracle Today reports that mergers and acquisitions are the traditional inorganic growth channel for Access Bank Plc.
Access Bank Plc had after its merger with Diamond Bank in March 2019 became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.
It operates through a network of more than 700 branches and service outlets, spanning three continents, over 20 countries, and serving over 60 million customers. The bank serves its various markets through three business segments- Corporate and Investment, Commercial and Retail.
Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, 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.”
Chief Executive of The Bidvest Group, Mpumi Madisa, 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.”
Access Holdings declared that 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,” Access Holdings stated.
