*Access Holdings Plc discloses once the commercial bank’s $159 million transaction is completed by second half of 2025, Bidvest Bank will become with Access Bank’s subsidiary in the South African country to create a larger platform to support the bank’s growth plans in the Southern African Development Community region

Isola Moses | 绿帽献妻

As part of the group’s efforts at expanding operations across Africa while solidifying its presence in key markets on the continent, Access Holdings Plc, through Access Bank Plc, its banking subsidiary, has announced the completion of an agreement to acquire 100 percent equity in Bidvest Bank, a leading second-tier South African bank, in a deal worth about $159 million.

绿帽献妻 reports Sunday Ekwochi, Secretary of Access Holdings Plc, disclosed the development Thursday, December 13, 2024, while filing on the Nigerian Exchange Limited (NGX), in Lagos, Nigeria.

The series of acquisitions are said to be part of Access Bank’s broader vision to become the world’s most respected African bank, leveraging mergers and expanding its service offerings across the continent.

Commenting on the transaction in the filing, Mr. Roosevelt Ogbonna, Managing Director/Chief Executive Officer (CEO) of Access Bank Plc, affirmed acquisition supports the Nigerian bank’s ambition to expand operations across Africa and solidify its presence in key markets, with South Africa being a top priority.

Ogbonna stated: “It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs.”

The CEO of Access Bank said: “Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank鈥檚 robust trade and retail banking capabilities, creating a platform for long-term growth and value creation.”

It was also learnt since 2000, Bidvest Bank has established itself as a prominent niche financial institution in the Southern African country.

The bank offers a wide array of services, including corporate and business banking solutions, as well as diverse retail banking products.

As of June this year, the South African bank reported total assets of about $665 million and audited $20 million Profit Before Tax (PBT).

Meanwhile, Access Bank is expected to complete the acquisition procedure in the second half of 2025, pending approval from regulators.

According to the commercial bank, as the transaction is completed, 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.

Mpumi Madisa, Chief Executive of the Bidvest Group, expressed confidence in the deal.

Madisa said Access Bank’s strong reputation and experience would support its ongoing sustainability and growth.

According to Bidvest Group Chief, the merger is expected to create a more robust platform for both banks in an increasingly competitive and technology-driven financial landscape.

He also averred: “As a well-respected, experienced, and prominent financial services entity, l 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鈥檚 fast-changing, technology-driven, and highly competitive sector.”

On Access Bank’s strategic acquisitions across Africa

Access Bank has been actively expanding its operations across the African continent through a series of strategic acquisitions.

It is equally noted the Nigerian leading bank recently completed the acquisition of BancABC Tanzania, marking a significant step in its growth strategy in East Africa.

Earlier, the bank had struck agreements to acquire Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone, which have also been finalised.

Access Holdings also has disclosed plans to acquire a majority stake in Afrasia Bank, the fourth-largest bank in Mauritius to further enhance its regional presence.

The bank also announced an expansion to Malta during the week.

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