Access Bank Signs Deal to Acquire 100% Equity in Bidvest
Access Bank Plc has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited, according to an official statement.
Nigeria’s largest banking group said the move reflects commitment to strengthening its footprint in South Africa and consolidating its position as the continent’s gateway to global markets.
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, Access Bank said.
The Nigerian lender explained that the acquisition is expected to close in the second half of 2025, subject to regulatory approvals. It said 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.
Commenting on the deal, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, said, “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” #Access Bank Signs Deal to Acquire 100% Equity in Bidvest Namibia Central Bank Cuts Interest Rate to 7%
