Access Bank, one of Nigeria’s leading financial institutions, has entered into a binding agreement to acquire 100% of South Africa’s Bidvest Bank for R2.8 billion. The deal, announced in December 2024, marks a major step in Access Bank’s strategy to expand its footprint across Africa and strengthen its presence in key markets. The acquisition is expected to be finalized in the second half of 2025, pending regulatory approvals from both South African and Nigerian authorities.
Founded in 2000, Bidvest Bank has established itself as a niche financial institution in South Africa, offering a range of corporate, business, and retail banking solutions. As of June 2024, the bank reported total assets of $665 million and an audited profit before tax of $20 million. Access Bank sees this acquisition as an opportunity to combine Bidvest Bank’s strong local expertise with its own robust trade and retail banking capabilities. Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, emphasized the importance of this move for the bank’s growth strategy. He stated, “This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority. It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs.”
Once the acquisition is completed, Bidvest Bank will merge with Access Bank’s existing South African subsidiary. This merger aims to create a larger platform that will anchor Access Bank’s regional growth strategy for the Southern African Development Community (SADC) region. The combined entity is expected to enhance capacity for intra- and inter-African trade while creating new opportunities for regional integration.
Mpumi Madisa, Chief Executive of The Bidvest Group, expressed confidence in the deal and its potential benefits for both parties. She remarked, “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.”
The transaction aligns with Access Bank’s long-term goal of becoming one of Africa’s largest lenders by 2027. By leveraging Bidvest Bank’s local expertise and Access Bank’s pan-African presence, the acquisition is expected to drive sustainable growth while connecting businesses across the continent. This move also reflects Access Bank’s broader ambition to position itself as Africa’s gateway to global markets.
The deal comes at a time when South Africa’s banking sector remains highly competitive but offers significant opportunities for growth. With this acquisition, Access Bank hopes to capitalize on Bidvest Bank’s established reputation while introducing new services tailored to the South African market.
Pending regulatory approvals, this transaction is set to reshape Access Bank’s operations in Southern Africa while reinforcing its commitment to building a stronger presence across the continent.
