Access Bank has agreed to acquire a 100% stake in South Africa's Bidvest Bank for $665 million in assets, enhancing its footprint in the Southern African market. The deal, set to close in 2025, supports Access Bank's expansion strategy and will foster regional economic integration and growth.
Access Bank has agreed to acquire 100% of Bidvest Bank, a prominent South African financial institution. The deal, announced by Access Holdings on December 12, 2024, is set to close by the second half of 2025, pending regulatory approval. The acquisition is part of Access Bank’s strategy to strengthen its presence in South Africa and solidify its leadership role across Africa.
Bidvest Bank, founded in 2000, specializes in corporate banking and retail banking services, with reported assets of $665 million and a pre-tax profit of $20 million for the year ending June 2024. Once completed, the acquisition will merge Bidvest Bank with Access Bank’s existing South African subsidiary, further supporting the bank’s regional growth objectives within the Southern African Development Community (SADC).
Access Bank’s CEO, Roosevelt Ogbonna, emphasized that this acquisition will enhance the bank's ability to meet the evolving needs of customers and further the company’s commitment to building a resilient, diversified business. It will also create new opportunities for trade between African countries, promoting regional integration.
Mpumi Madisa, CEO of Bidvest Group, expressed confidence that the deal aligns with the goals of Bidvest Bank, ensuring its continued success and sustainability under Access Bank’s leadership. This strategic move aims to leverage local expertise and Access Bank's extensive pan-African presence for future growth.
