Bamidele Famoofo
L-R: Seyi Kumapayi, executive director African Subsidiaries, Access Bank Plc and Mpumi Madisa, chief executive officer, Bidvest Group at the signing ceremony for Access Bank’s proposed acquisition of 100% stake in Bidvest Bank in Dubai on Thursday.
Access Bank Plc has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
The agreement, according to Access Holdings Plc, the parent company of Access Bank Plc, reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating 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 USD665.0 million and audited profit before tax of USD20.0 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. 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.”
Mpumi Madisa, chief executive of The Bidvest Group, added: “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.”
The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market. By leveraging Bidvest Bank’s robust local capabilities and Access Bank’s established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration.
