Access Holdings Limited has announced that its subsidiary, Access Bank Limited, is set to acquire a 100% stake in South Africa’s Bidvest Bank.
This development, communicated to the public and the Nigeria Exchange, marks a significant step in the bank’s expansion strategy across Africa.
Reports reveal that Access Bank has offered about 2.8 billion rand to fuel its expansion to South Africa. The deal, which remains subject to regulatory approvals, is projected to close in the second half of 2025. Once finalized, Bidvest Bank will merge with Access Bank’s South African subsidiary, creating a robust platform to advance Access Bank’s regional growth strategy within the Southern African Development Community (SADC).
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Founded in 2000, Bidvest Bank, specializes in corporate banking and retail banking services, providing a diverse range of services which includes savings, investments, and financial services. As of its financial year ending June 2024, the bank reported total assets of $665.0 million and an audited profit before tax of $20.0 million.
Speaking on the deal, Managing Director/CEO of Access Bank PIc, Roosevelt Ogbonna, said the acquisition supports its ambition to expand across Africa and solidify the bank’s presence in key markets, with South Africa being a top priority.
In his words,
“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.”
Also commenting, Mpumi Madisa, Chief Executive of the Bidvest Group, expressed confidence in the partnership stating
“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.”
Access Bank’s acquisition of Bidvest Bank is coming after Access Holdings Plc on 11 December 2024, announced that its banking group subsidiary, The Access Bank UK has established its first fully owned subsidiary in Malta, The Access Bank Malta Limited. In line with this, the banking license application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signaling a significant step in enhancing trade connectivity between Europe and Africa.
Access Bank Plc serves its various markets through three business segments- Corporate and Investment, Commercial and Retail. The Bank has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty-two years. Following its merger with Diamond Bank in March 2019, Access Bank Plc 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.
In recent years, Access Bank has aggressively pursued growth by acquiring financial institutions in key markets across Africa and beyond. These acquisitions are strategically aimed at enhancing its operational capabilities, offering diversified services, and fostering financial inclusion. By integrating acquired institutions into its ecosystem, Access Bank is not only gaining access to new markets but also deepening its service offerings.
Notably, the strategic acquisitions have bolstered Access Bank’s competitive advantage by increasing its customer base and enhancing its capacity to serve multinational clients. By operating in diverse jurisdictions, the bank mitigates risks associated with overreliance on any single market. Additionally, this geographic diversity strengthens its position in trade financing and cross-border transactions, further solidifying its status as a pan-African financial powerhouse.