… Strengthening Regional Growth Strategy
By NIyi Jacobs
Access Holdings Plc has announced that its banking subsidiary, Access Bank Plc (“the Bank”), has entered into a binding agreement with South Africa’s Bidvest Group Limited to acquire 100% equity in Bidvest Bank Limited (“Bidvest Bank”). This acquisition aligns with the Bank’s strategy to strengthen its presence in South Africa and solidify its position as a leading pan-African financial institution.
Bidvest Bank, founded in 2000, offers a range of financial services, including corporate and business banking solutions as well as retail banking products. As of June 2024, the bank reported total assets of USD665.0 million and a profit before tax of USD20.0 million. The transaction, which is set to close in the second half of 2025, is subject to regulatory approvals. Upon completion, Bidvest Bank will merge with Access Bank’s existing South African subsidiary, creating a larger platform to support regional growth within the Southern African Development Community (SADC).
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, commented, “This acquisition is a significant step in our ambition to expand across Africa, particularly in South Africa. It demonstrates our commitment to creating a diversified and resilient business model, leveraging technology to meet customer needs while fostering long-term growth and value creation.”
Mpumi Madisa, Chief Executive of Bidvest Group, expressed confidence in the acquisition, stating, “Access Bank’s solid reputation and expertise will ensure Bidvest Bank’s continued growth and sustainability in today’s competitive, technology-driven environment.”
The acquisition supports Access Bank’s goal to enhance intra- and inter-Africa trade, creating new opportunities for businesses and strengthening regional integration. By combining Bidvest Bank’s local expertise with Access Bank’s established pan-African network, the transaction is expected to provide greater capacity for market growth and value creation in the region.
About Access Holdings Plc
Access Holdings Plc is a non-operating financial holding company based in Lagos, Nigeria, licensed and regulated by the Central Bank of Nigeria. The company oversees subsidiaries in banking, payments, pension administration, and insurance. Access Bank Plc, its flagship subsidiary, operates across three continents, over 20 countries, and serves more than 60 million customers. Access Holdings continues to invest in sustainable business practices, positioning itself as a key player in Africa’s financial services sector.
