South African-based Bidvest Group Limited has agreed to sell 100 per cent shares of its subsidiary, Bidvest Bank Limited to Access Bank Plc.
Access Holdings Plc announced the development on Thursday saying the agreement reflects the Bank’s commitment to strengthening its footprint in South Africa.
Bidvest Bank was founded in 2000 to provide corporate and business banking solutions and diverse retail banking products.
THE WHISTLER understands that as of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to $665m and audited profit before tax of $20m.
According to Access, the agreement reflects its commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets.
Access Holding said the acquisition is expected to close in the second half of 2025, subject to regulatory approvals.
It said upon completion of the 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 Southern African Development Community (SADC) region.
Speaking on the deal, Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, said the acquisition supports its ambition to expand across Africa and solidify the bank 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.”
Similarly, the Chief Executive of The Bidvest Group, Mpumi Madisa, said Access Bank meets Bidvest’s objectives and provides reassurance for the continued sustainability and prosperity of the bank.
Access Bank To Buy $665m Bidvest Bank From South Africa is first published on The Whistler Newspaper