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

Front Row (L-R): Seyi Kumapayi, Executive Director African Subsidiaries, Access Bank Plc and Mpumi Madisa, Chief Executive Officer, Bidvest Group

Back row (L-R): Phathu Tshivhengwa, Group M&A Executive, Bidvest Group; Chuma Ajene, Head of Strategic Investments, Access Bank Plc; Mark Steyn, Chief Financial Officer, Bidvest Group, and Rami Mahlako Maja, M&A Manager, Bidvest Group at the signing ceremony for Access Bank’s proposed acquisition of 100% stake in Bidvest Bank in Dubai on Thursday

. Access Holdings Plc (“Access Holdings”) has announced that its banking subsidiary, Access Bank Plc (“Access Bank”), has signed a binding agreement to acquire a 100% equity stake in South Africa-based Bidvest Bank Limited. This strategic move reinforces Access Bank’s commitment to expanding its footprint in South Africa, enhancing its role as Africa’s gateway to global markets, and accelerating its transition towards greater operational efficiency.

About Bidvest Bank
Founded in 2000, Bidvest Bank is a niche South African financial institution offering corporate and business banking services, alongside a range of retail banking products. As of its financial year ending June 2024, Bidvest Bank reported total assets of approximately USD 665 million and an audited profit before tax of USD 20 million.

Transaction Details
The acquisition, set to conclude in the second half of 2025 pending regulatory approvals, will see Bidvest Bank merge with Access Bank’s existing South African subsidiary. This merger aims to create an enlarged platform to drive Access Bank’s regional growth strategy within the Southern African Development Community (SADC) region.

Leadership Comments
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, highlighted the strategic significance of the acquisition:

> “This acquisition underscores our ambition to expand across Africa and solidify our presence in priority markets like South Africa. By combining Bidvest Bank’s strong local expertise with Access Bank’s robust trade and retail banking capabilities, we are building a platform for sustainable growth and value creation. This move supports our commitment to delivering a resilient and diversified business model, leveraging technology to meet our customers’ evolving needs.”

Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in Access Bank’s ability to drive the next phase of Bidvest Bank’s growth:

> “Access Bank’s experience and reputation in the financial services sector ensure the continued sustainability and prosperity of Bidvest Bank. This acquisition will enable the bank to scale and grow sustainably in today’s dynamic, technology-driven, and competitive environment.”

Strategic Impact
The acquisition aligns with Access Bank’s broader expansion strategy, designed to scale operations and strengthen its market position across Africa. By leveraging Bidvest Bank’s local capabilities and Access Bank’s established pan-African network, the combined entity aims to enhance intra- and inter-Africa trade, foster regional integration, and create new growth opportunities.

This acquisition marks a pivotal step in Access Bank’s journey to becoming a leading financial institution across Africa, driving innovation and connectivity across the continent’s diverse markets.