Access Bank has acquired Bidvest Bank to enhance its South African presence and advance its pan-African growth strategy. The acquisition, valued at approximately 2.8 billion rand ($159 million), is a key step in Access Bank’s goal of becoming one of Africa’s largest lenders by 2027.
This deal supports Access Bank’s ambition to expand across Africa, with South Africa being a priority market. The binding agreement for the 100% acquisition of Bidvest Bank underscores Access Bank’s commitment to strengthening its footprint in the country and solidifying its position as Africa’s gateway to global markets.
Founded in 2000, Bidvest Bank is a profitable South African financial institution, offering corporate, business, and retail banking services. For the fiscal year ending June 2024, the bank reported assets of $665 million and a pre-tax profit of $20 million.
The acquisition, expected to close by the second half of 2025 pending regulatory approval, will merge Bidvest Bank with Access Bank’s existing South African subsidiary, creating a stronger platform for growth in the SADC region.
Access Bank’s Managing Director, Roosevelt Ogbonna, emphasized that the acquisition will drive long-term growth, leveraging both companies’ strengths to enhance intra- and inter-African trade.
