December 12, (THEWILL) – Nigeria’s Access Holdings Plc, the largest financial services group in the country by total assets, has announced a major step in its continental expansion strategy with the acquisition of Bidvest Bank Limited, a South African financial institution.
The deal, disclosed in a statement to the Nigerian Exchange Limited on Thursday, confirms a binding agreement between Access Bank Plc, the banking subsidiary of Access Holdings, and Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank.
According to the statement signed by Sunday Ekwochi, the company secretary, the transaction is expected to close in the second half of 2025, subject to necessary regulatory approvals.
“This agreement underscores the Bank’s ambition to solidify its footprint in South Africa while consolidating its position as the continent’s gateway to global markets. The acquisition will also accelerate the Bank’s shift towards greater operational efficiencies and optimise the benefits of recent strategic acquisitions,” the statement read.
Bidvest Bank, founded in 2000, is a niche South African financial institution providing corporate, business, and retail banking solutions. As of June 2024, the bank reported total assets of $665 million and a profit before tax of $20 million.
Upon completion, Bidvest Bank will merge with Access Bank’s existing South African subsidiary to create a larger platform supporting the Bank’s growth strategy in the Southern African Development Community (SADC) region.
Speaking on the acquisition, Access Bank’s Managing Director and CEO, Roosevelt Ogbonna, said the move aligns with the company’s vision to expand across Africa while deepening its presence in key markets.
“This acquisition underscores our commitment to building a resilient, diversified, and sustainable business model. By combining Bidvest Bank’s strong local expertise with Access Bank’s trade and retail banking capabilities, we aim to create a robust platform for growth and value creation,” Ogbonna said.
Bidvest Group CEO, Mpumi Madisa, expressed confidence in Access Bank’s ability to drive sustainable growth.
“The transaction aligns perfectly with Access Bank’s expansion objectives. By leveraging Bidvest Bank’s local capabilities alongside Access Bank’s pan-African presence, the Bank will unlock new opportunities for regional trade and integration,” Madisa said.
He added that the acquisition provides Bidvest Bank with the scale and resources to adapt to a fast-changing, technology-driven, and highly competitive financial landscape.
This acquisition strengthens Access Bank’s presence in Africa, positioning it as a key player in connecting businesses and fostering regional integration across the continent.
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