Access Bank Plc Signs Agreement to acquire 100 Percent Equity Stake inSouth African Based Bidvest Bank

Access Holdings Plc (“Access Holdings”) is pleased to announce that its banking subsidiary, Access Bank Plc (“the Bank”), has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited (“Bidvest Bank”). This agreement reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies. Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.

As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to USD665.0 million and audited profit before tax of USD20.0 million.
The acquisition 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.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, 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.”
Mpumi Madisa, Chief Executive of The Bidvest Group, 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.”
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.