Access Holdings Plc (“Access Holdings”) is pleased to announce that its banking subsidiary, Access Bank Plc (“the Bank”), has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100 per cent equity stake in Bidvest Bank Limited (“Bidvest Bank”).

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.

Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.

As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to $665.0 million and audited profit before tax of $20.0 million. The acquisition is expected to close in the second half of 2025, subject to regulatory approvals.

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.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, commented: “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.”

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