Access Bank Plc has finalised a binding agreement with Bidvest Group Limited to acquire a 100% equity stake in Bidvest Bank, a prominent South African financial institution.
This strategic move highliight Access Bank’s commitment to strengthening its footprint in South Africa while advancing its role as Africa’s gateway to global markets.
In a statement by Olakunle Aderinokun, Head of Media Relations for Access Holdings Plc, the acquisition aligns with the bank’s broader strategy of leveraging recent expansions to boost operational efficiencies and drive accelerated growth.
Bidvest Bank will merge with Access Bank’s existing South African operations to create an enhanced platform for driving growth in the Southern African Development Community (SADC) region.
Roosevelt Ogbonna, CEO of Access Bank, stated, “This acquisition supports our ambition to expand across Africa and solidify our presence in key markets. Bidvest Bank provides a unique opportunity to combine strong local expertise with Access Bank’s trade and retail banking capabilities, fostering long-term growth and value creation.”
Mpumi Madisa, CEO of The Bidvest Group, expressed confidence in Access Bank’s capabilities, noting, “Access Bank’s reputation and expertise provide reassurance for Bidvest Bank’s sustainability and growth in today’s competitive, technology-driven financial landscape.”
This acquisition aligns with Access Bank’s vision of becoming a dominant player in African markets, leveraging Bidvest Bank’s local expertise alongside Access Bank’s expansive pan-African network to strengthen regional trade and integration opportunities.
