December 13, 2024/NGX
Access Holdings Plc is pleased to announce that its subsidiary, Access Bank Plc,has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a100% equity stake in Bidvest Bank Limited. 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 marketsas 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 diverse range of services inclusing corporate and business banking solutions and diverse retail banking products. As of the financial year ended June 2024, Bidvest Bank reported total assets of US$665m and an audited profit before tax of US$20m.
The acquisition is expected to be 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.
According to the Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna 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, CEO of Bidvest 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.”
