By Ayomide Otitoju
Access Bank Plc has announced a binding agreement for the acquisition of a 100% equity stake in Bidvest Bank Limited from South African-based Bidvest Group Limited. The news, confirmed in an official statement, marks a significant step in Access Bank’s strategy to enhance its presence in South Africa and reinforce its position as a key player in the African financial landscape.
As of its financial year ending June 2024, Bidvest Bank reported total assets of USD665.0 million and an audited profit before tax of USD 20 million, as highlighted by Access Bank.
The Nigerian banking giant anticipates that the acquisition will be finalized in the second half of 2025, pending regulatory approvals. Following the completion of the deal, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary, creating a more robust platform to support regional growth within the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, expressed optimism about the acquisition, stating, “This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority.” He emphasized the importance of establishing a resilient and diversified business model that leverages technology to adapt to changing 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,” Ogbonna added.
Mpumi Madisa, Chief Executive of the Bidvest Group, also commented on the transaction, voicing confidence in Access Bank’s potential to fulfill the bank’s objectives and ensure its sustainability and prosperity. “It will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector,” Madisa stated.
This acquisition is seen as a pivotal move for Access Bank as it seeks to broaden its horizons and solidify its status as a leading banking institution on the continent.
