Access Bank signs agreement to purchase 100% stake in Biden Bank
Access Bank Plc has signed a binding agreement with South Africa-based Bidvest Group Limited to acquire a 100% equity stake in Bidvest Bank.
The deal signifies a strategic move to strengthen Access Bank’s presence in South Africa and enhance its position as Africa’s gateway to global markets.
In a statement released by Olakunle Aderinokun, Head of Media Relations at Access Holdings Plc, the acquisition is designed to optimise the benefits of recent expansions and accelerate operational efficiency.
Founded in 2000, Bidvest Bank is a prominent South African financial institution offering corporate, business, and retail banking solutions. As of June 2024, the bank reported total assets valued at USD 665 million and an audited profit before tax of USD 20 million.
The acquisition is expected to be finalised in the second half of 2025, pending regulatory approvals. Upon completion, Bidvest Bank will merge with Access Bank’s existing South African subsidiary to establish an enlarged platform for regional growth within the Southern African Development Community (SADC).
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Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, highlighted the significance of the acquisition:
“This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority. By combining Bidvest Bank’s local expertise with Access Bank’s trade and retail banking capabilities, we aim to create a resilient and diversified business model that delivers long-term value and growth.”
Mpumi Madisa, Chief Executive Officer of Bidvest Group, expressed confidence in Access Bank’s vision:
“As a prominent financial services entity, Access Bank aligns with our objectives, providing reassurance for Bidvest Bank’s sustainability and growth. This partnership will enable the bank to scale and thrive in today’s dynamic, technology-driven environment.”
The acquisition aligns with Access Bank’s regional expansion goals, enabling increased intra-African trade and connectivity. By leveraging the strengths of both entities, the bank aims to create new opportunities for integration and economic growth across Africa.
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