Access Holdings Plc has announced that it has entered a binding agreement for the acquisition of South Africa’s Bidvest Bank.
The deal was disclosed in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.
Access Bank is expected to complete the acquisition in the second half of 2025, pending approval from regulators.
Once the deal is finalised, Bidvest Bank will merge with Access Bank’s current South African subsidiary.
This merger aims to create a larger platform to support the bank’s growth plans in the Southern African Development Community (SADC) region.
CEOs speak on the deal
In the statement, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, was quoted as expressing the bank’s ambition to expand across Africa and solidify its presence in key markets, with South Africa being a top priority.
Ogbonna stated in the filing:
“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.”
Also speaking on the deal Mpumi Madisa, Chief Executive of The Bidvest Group, 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.”
Access Bank is excited about the deal
Access Bank further stated that the transaction aligns with Access Bank’s expansion objective to build the scale needed to become a major player in its market, Punch reports.
It added:
“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.”
Access completes acquisition of 2 banks
In a related development, Legit.ng reported that Access Bank has completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
The deal was achieved through its flagship subsidiary, Access Bank Plc United Kingdom.
There are more countries targeted by Access Bank.