Access Bank Plc says it will fuel its focus on leveraging technology for growth after signing an agreement to acquire a 100% equity stake in South African bank, Bidvest Bank.
The move aimed at strengthening Access Bank’s presence in South Africa, and consolidating on its position as the continent’s gateway to global markets, also reflects the bank’s focus on establishing a business model that utilise technology in meeting customer needs.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, says that “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.”
Bidvest Bank, a niche and profitable South African financial institution established in 2000, has been a profitable institution offering corporate, business, and retail banking services. By June 2024, the bank reported total assets of USD 665 million and a profit before tax of USD 20 million.
Mpumi Madisa, Chief Executive of The Bidvest Group welcomes the acquisition and spoke of how the acquisition will lead to the growth of the bank especially in the fast changing technology driven sector.
“As a well-respected, experienced, and prominent financial services entity,” she says, “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, the bank says, expected to close in the second half of 2025 pending regulatory approvals, aligns with Access Bank’s larger goal of becoming a major player in its market.
By combining Bidvest Bank’s local expertise with Access Bank’s pan-African presence, the group aims to create new opportunities for businesses across the continent.
Author
Home
