Access Holdings to Acquire 100% Stake in South Africa’s Bidvest Bank

Access Holdings Plc has announced a significant strategic move by its banking subsidiary, Access Bank Plc, to acquire a 100% equity stake in the South African-based Bidvest Bank Limited. This acquisition aligns with Access Bank’s commitment to expanding its footprint across Africa and reinforcing its position as the continent’s gateway to international markets.

Bidvest Bank, established in 2000, is a specialized financial institution in South Africa offering a range of business, retail, and corporate banking services. As of the fiscal year ending June 2024, Bidvest Bank reported total assets of USD 665 million and an audited profit before tax of USD 20 million. The acquisition is expected to be completed in the second half of 2025, pending regulatory approvals.

Upon completion, Bidvest Bank will merge with Access Bank’s existing South African subsidiary, creating a more expansive platform to support the bank’s regional expansion strategy for the Southern African Development Community (SADC). 

Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, highlighted the strategic importance of this acquisition, stating, “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.”

CEO of The Bidvest Group, Mpumi Madisa, expressed confidence in the deal, remarking, “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 indicated that the acquisition supports its strategic goal of market dominance. It is anticipated to enhance intra- and inter-African trade capabilities, open new avenues for regional integration, and promote sustainable growth by leveraging Bidvest Bank’s local knowledge and Access Bank’s pan-African reach.