Access Bank enters agreement to acquire 100% stake in South Africa based Bidvest Bank

Access Bank, Africa’s leading commercial bank, has announced the launch of The Power of 100 Africa initiative, aimed at honoring women driving change across various sectors in Africa. Building on the success of the 2015 Power of 100 book, which celebrated influential Nigerian women, this expanded project will highlight remarkable women in business, healthcare, technology, education, and more.

Access Holdings Plc (“Access Holdings”) is pleased to announce that its banking subsidiary, Access Bank Plc, has entered into a binding agreement with The Bidvest Group Limited for the acquisition of a 100% stake in Bidvest Bank. This landmark transaction reflects Access Bank’s commitment to expanding its footprint in Africa and strengthening its position as the continent’s gateway to global markets.

Founded in 2000, Bidvest Bank is a prominent 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 c. 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/Chief Executive Officer 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.”

Bidvest Group Chief executive, Mpumi Madisa, 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.

Front Row (L-R): Seyi Kumapayi, Executive Director African Subsidiaries, Access Bank Plc and Mpumi Madisa, Chief Executive Officer, Bidvest Group Back row (L-R): Phathu Tshivhengwa, Group M&A Executive, Bidvest Group; Chuma Ajene, Head of Strategic Investments, Access Bank Plc; Mark Steyn, Chief Financial Officer, Bidvest Group, and Rami Mahlako Maja, M&A Manager, Bidvest Group at the signing ceremony for Access Bank’s proposed acquisition of 100% stake in Bidvest Bank in Dubai on Thursday.

The transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in each market 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.

South Africa’s banking sector is the largest in Africa, with combined tier 1 capital exceeding USD 42.2 billion in 2022. The industry demonstrated resilience in the first half of 2024, achieving headline earnings growth of 2.5% year-on-year and maintaining strong profitability (ROE of 17%) despite challenging operating conditions.

Key conditions precedent to the completion of this transaction includes obtaining regulatory approvals under South Africa’s Banks Act, 1990; Companies Act, 2008 and the Takeover Regulations promulgated thereunder; Competition Act, 1998; and the Financial Sector Regulation Act, 2017, as well as the authorisation of Nigeria’s Central Bank.

Access Bank South Africa will leverage the acquisition to strengthen its business and SME banking, foreign exchange services, and alliance banking capabilities while launching new services tailored to the South African market.

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.