Access Bank Plc has officially signed a binding agreement to acquire a full 100% equity stake in Bidvest Bank, a South African financial institution owned by Bidvest Group Limited.
This strategic move is part of Access Bank’s broader plan to strengthen its presence in South Africa and solidify its position as Africa’s gateway to global financial markets.
According to a statement from Olakunle Aderinokun, Head of Media Relations at Access Holdings Plc, the acquisition reflects the bank’s commitment to leveraging recent takeovers to enhance operational efficiency and expand its influence across the continent.
Bidvest Bank, established in 2000, offers a wide range of corporate, business, and retail banking services. For the financial year ending June 2024, the bank reported total assets of USD 665 million and an audited profit before tax of USD 20 million.
The acquisition, which is subject to regulatory approval, is expected to be finalized in the second half of 2025.
Once completed, Bidvest Bank will be merged with Access Bank’s existing subsidiary in South Africa, creating a larger, more robust platform to drive growth in the Southern African Development Community (SADC) region.
Commenting on the development, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, said, “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.”
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in Access Bank’s ability to sustain and grow Bidvest Bank’s operations.
“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,” she said.
The acquisition also supports Access Bank’s larger goal of becoming a dominant player in African financial markets.
By merging Bidvest Bank’s local expertise with Access Bank’s pan-African presence, the bank aims to boost its capacity for intra- and inter-African trade.
This will enable stronger connections between businesses across the continent, unlocking new opportunities for regional integration and economic growth.
