Access Bank Plc has announced its acquisition of Bidvest Bank Holdings for approximately R2.8 billion. This decision was confirmed on Thursday by Bidvest Group Limited, which stated that the proceeds from the sale will be utilized to pay off existing debts.
Founded in 2000, Bidvest Bank has focused on corporate and business banking, offering a range of retail banking products. As of June 2024, the bank reported total assets of $665 million and a pre-tax profit of $20 million.
Access Bank, which has been operating in South Africa since 2021, aims to enhance its presence in the region. The acquisition is anticipated to close in the second half of 2025, pending regulatory approvals. Following the completion of the deal, Bidvest Bank will merge with Access Bank's existing South African operations, creating a larger platform aimed at regional growth within the Southern African Development Community.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank, emphasized that the acquisition aligns with the bank's strategy to expand across Africa, particularly in key markets like South Africa. He noted that the merger will combine local expertise with Access Bank's extensive banking capabilities, fostering long-term growth.
Mpumi Madisa, CEO of Bidvest Group, expressed confidence that Access Bank's acquisition will ensure the continued stability and growth of Bidvest Bank.