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, established in 2000, is a specialised and profitable financial institution in South Africa, offering various services, including corporate and business banking and a range of retail banking products. As of its financial year ending June 2024, Bidvest Bank disclosed total assets amounting to $665 million and an audited profit before tax of $20 million.
This agreement to acquire a complete stake in Bidvest Bank demonstrates Access Bank’s dedication to enhancing its presence in South Africa and reinforcing its role as the continent’s gateway to global markets, as it aims to leverage the advantages of recent acquisitions and hasten its shift toward improved efficiencies.
The acquisition is anticipated to be finalised in the latter half of 2025, pending regulatory approvals.
Once this acquisition is completed, Bidvest Bank will be integrated with the Bank’s subsidiary in South Africa to establish a larger platform that will support the regional growth strategy for the SADC region.
