Access Holdings Plc has announced that its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited.
This acquisition, valued at approximately $159 million, is expected to close in the second half of 2025, subject to regulatory approvals.
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.
Upon conclusion of this acquisition, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the Southern African Development Community (SADC) region.
Access Bank’s Managing Director/CEO, Roosevelt Ogbonna, commented on the acquisition, saying, “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.”
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.”
Access Bank’s Recent Takeovers
Access Bank Plc has been on an aggressive expansion spree over the past few years, solidifying its presence across Africa. Here are some of the notable acquisitions:
- Standard Chartered Bank Subsidiaries: Access Bank completed the acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone in November 2024. They are also working on acquiring Standard Chartered’s subsidiaries in Cameroon, The Gambia, and Tanzania.
- Finibanco Angola: In 2023, Access Bank acquired an 80% stake in Uganda’s Finance Trust Bank.
- National Bank of Kenya: Access Bank fully acquired the National Bank of Kenya, further expanding its footprint in East Africa.
- African Banking Corporation of Tanzania: This bank is now operating as Access Bank Tanzania.
- ARM Pensions Managers: Access Bank merged with ARM Pensions Managers to form Access ARM Pensions, one of Nigeria’s larger pension administrators.
These acquisitions are part of Access Bank’s strategy to become one of the largest and most respected banks in Africa.
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