Access Bank Acquires Bidvest Bank in South Africa
Access Bank, the banking arm of Access Holdings, has reached an agreement with South Africa’s Bidvest Group Limited to acquire a 100 per cent equity stake in Bidvest Bank Limited.
Bidvest Bank, founded in 2000, is a well-established and profitable financial institution in South Africa, offering a wide range of services, including corporate and business banking, as well as various retail banking products. As of its financial year ending in June 2024, Bidvest Bank reported total assets of $665 million and an audited profit before tax of $20 million.
This acquisition of Bidvest Bank by Access Bank signifies the latter’s commitment to strengthening its presence in South Africa and solidifying its position as the continent’s gateway to global markets. Access Bank aims to leverage the benefits of recent acquisitions and accelerate its shift towards improved efficiencies.
The acquisition is expected to be finalized in the second half of 2025, subject to regulatory approvals.
Upon completion of the acquisition, Bidvest Bank will be merged with Access Bank’s subsidiary in South Africa to create a larger platform that will support the regional growth strategy for the SADC region.
