Access Holdings says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
Sunday Ekwochi, Access Holdings’ secretary, announced the agreement in a corporate filing on the Nigerian Exchange Limited (NGX) on Thursday.
Access Holdings said the acquisition is expected to close in the second half of 2025, subject to regulatory approvals.
“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,” the statement reads.
“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 $665 million and audited profit before tax of $20 million.
“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.”
‘ACQUISITION OF BIDVEST BANK WILL SUPPORT ACCESS BANK’S EXPANSION PLAN’
Commenting on the deal, Roosevelt Ogbonna, managing director (MD) and chief executive officer (CEO) of Access Bank, said the acquisition supports the company’s ambition to expand across Africa and solidify its 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,” Ogbonna said.
“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.”
On his part, Mpumi Madisa, chief executive officer of Bidvest Group, said he is pleased that Access Bank meets the objectives of the South African company, and provides reassurance for the continued sustainability and prosperity of the bank.
“The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market,” Madisa said.
“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.”
Madisa said the deal will enable the bank to advance, scale, and sustainably grow in today’s fast-changing, technology-driven, and highly competitive sector.