Access Bank Agrees to Take Over 100% Equity in South Africa’s Bidvest

Access Bank, the banking subsidiary of Access Holdings, has entered into a binding agreement with South Africa-based Bidvest Group Limited to acquire a 100% equity stake in Bidvest Bank Limited.

The deal for the 24-year-old bank is expected to be completed in the second half of 2025, pending regulatory approval.

This acquisition marks another milestone in Access Bank’s expansion across African markets, having already established a presence in countries such as Kenya, Mozambique, and Angola.

The agreement to acquire Bidvest Bank underscores Access Bank’s commitment to strengthening its footprint in South Africa while consolidating its position as Africa’s gateway to global markets.

The acquisition aligns with the bank’s strategy to optimize the benefits of its recent acquisitions and accelerate its focus on efficiency and growth.

Bidvest Bank, founded in 2000, is a niche and profitable South African financial institution offering a diverse range of services, including corporate and business banking solutions, as well as various retail banking products.

As of the fiscal year ending June 2024, Bidvest Bank reported total assets equivalent to $665 million and an audited profit before tax of $20 million.

Upon completion of the acquisition, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary, creating an enlarged platform to anchor its regional growth strategy within the SADC region.

This development comes shortly after the bank opened a new branch in Malta as part of its efforts to enhance international trade finance.

The branch was established following the issuance of a banking license from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).

Access Bank described the license as a transformative milestone aimed at bolstering trade flows between Europe and Africa.

The Maltese branch was established by Access Bank UK Limited, a subsidiary of Access Bank Plc, which in turn is a subsidiary of Access Holdings Plc, listed on the Nigerian Exchange (NGX) Limited.