Access Holdings Plc has announced a landmark development as its banking subsidiary, Access Bank Plc, has signed a binding agreement to acquire a 100% equity stake in Bidvest Bank Limited, a South African financial institution, from the Bidvest Group Limited. The agreement was formalized in Dubai and marks a significant step in Access Bank’s efforts to expand its presence in South Africa and reinforce its position as Africa’s gateway to global markets.
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| 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. |
Key Details of the Acquisition
About Bidvest Bank:
Established in 2000, Bidvest Bank is a niche financial institution in South Africa, offering a variety of corporate and business banking solutions, as well as retail banking services. For the financial year ending June 2024, Bidvest Bank reported:
Total assets: USD 665 million
Profit before tax: USD 20 million
Strategic Importance:
This acquisition supports Access Bank’s strategy to expand in high-priority markets. Following the transaction, Bidvest Bank will merge with Access Bank’s current South African subsidiary, creating a stronger foundation to drive growth across the Southern African Development Community (SADC).
Projected Timeline:
The transaction is expected to conclude in the second half of 2025, subject to regulatory approval.
Statements from Stakeholders
Roosevelt Ogbonna, CEO of Access Bank Plc:
He stated that this acquisition aligns with the bank’s goal of enhancing its pan-African operations while expanding its reach in key markets like South Africa. Ogbonna emphasized that combining Bidvest Bank’s local expertise with Access Bank’s trade and retail banking strength would result in a more innovative and sustainable business model tailored to meet evolving customer needs.
Mpumi Madisa, CEO of Bidvest Group:
She expressed confidence that Access Bank is well-positioned to drive the growth and success of Bidvest Bank. She highlighted that the acquisition would enable the bank to scale its operations and remain competitive in today’s dynamic financial sector.
STRATEGIC IMPACT
1. Enhanced Regional Trade: The merger will increase Access Bank’s capacity to support intra- and inter-African trade, fostering greater regional economic integration.
2. Stronger Market Position: Strengthening its footprint in South Africa reinforces Access Bank’s strategy to become a dominant financial institution across the continent.
3. Operational Synergies: The transaction will leverage Bidvest Bank’s local market knowledge and Access Bank’s extensive African network, creating a solid foundation for sustainable growth.
This acquisition underscores Access Bank’s commitment to driving financial inclusion and economic development across Africa, positioning it as a leading force in the continent’s banking sector.
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