Access Holdings Plc has announced a binding agreement through its subsidiary, Access Bank Plc, to acquire Bidvest Bank Limited, a leading South African financial institution. This acquisition, subject to regulatory approvals, is part of Access Bank’s broader strategy to expand its footprint in Southern Africa and strengthen its position as Africa’s gateway to global markets.
Established in 2000, Bidvest Bank is a profitable institution specializing in corporate and business solutions alongside retail banking services. For the fiscal year ending June 2024, the bank reported:
- Total Assets: $665 million
- Profit Before Tax: $20 million
Strategic Significance
The acquisition aligns with Access Bank’s regional growth ambitions, particularly within the Southern African Development Community (SADC) region. Furthermore, Once regulatory approvals are secured, Bidvest Bank will merge with Access Bank’s existing South African subsidiary, creating a stronger platform for sustainable growth and market penetration.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, highlighted the acquisition’s importance:
“This acquisition supports our ambition to expand across Africa and solidify our presence in key markets. By blending Bidvest Bank’s local expertise with Access Bank’s robust trade and retail banking capabilities, we’re creating a platform for long-term growth and value creation.”
Bidvest Group’s Perspective
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in Access Bank’s stewardship of Bidvest Bank:
“Access Bank meets our objectives and provides reassurance for the continued sustainability and prosperity of the bank. This partnership ensures the bank can scale and sustainably grow in today’s fast-changing financial landscape.”
Also, The acquisition is expected to be finalized in the second half of 2025, pending regulatory approvals. This move marks another milestone in Access Bank’s expansion objectives and positions it to become a major player in the African financial sector by leveraging technology and innovation to meet evolving customer needs.
Stay tuned to 9am News Nigeria for more Breaking News, Business News, Sports updates And Entertainment Gists.
