Access Holdings' subsidiary, Access Bank Plc, has strategically expanded its operations by finalizing an agreement to acquire 100% equity ownership of Bidvest Bank Limited, a South African financial institution under Bidvest Group Limited.
Access Holdings' corporate secretary, Sunday Ekwochi, formally announced the agreement via a Nigerian Exchange Limited (NGX) filing on Thursday. Completion is projected for the second half of 2025, subject to regulatory clearances.
Access Holdings emphasized the acquisition as a key element of its strategic plan to expand its South African footprint and to strengthen its position as a facilitator of African market integration with the global economy.
“This agreement reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies,” a statement from Access bank indicated.
Established in 2000, Bidvest Bank is a specialized South African financial institution that provides corporate and business banking services, along with a variety of retail banking products. For the financial year ending June 2024, the bank reported total assets amounting to $665 million and an audited profit before tax of $20 million.
Following the acquisition's completion, Access Bank intends to integrate Bidvest Bank with its current South African subsidiary. This integration is designed to establish a more robust platform that will act as a growth catalyst for the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, the managing director and CEO of Access Bank, emphasized the acquisition as a significant milestone in the bank’s pan-African growth strategy.
It highlights our dedication to creating a more resilient, diversified, and sustainable business model that utilizes technology to adapt to changing customer demands, Ogbonna remarked.
He further noted that the acquisition offers a chance to combine Bidvest Bank’s extensive local knowledge with Access Bank’s strong trade and retail banking strengths.
“Bidvest Bank offers a distinctive opportunity to merge its deep local insights with Access Bank’s solid trade and retail banking capabilities, establishing a foundation for sustainable growth and value generation,” Ogbonna emphasized.
This development is anticipated to enhance the bank’s regional strategy and serve as a catalyst for further expansion throughout the SADC region.