Access Holdings Plc (NGX: ACCESSCORP) has announced that its banking subsidiary, Access Bank Plc has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited.
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In a regulatory filing on Thursday, the Group stated that the agreement reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimize the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Found in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As its financial year ended June 2024, Bidvest Bank reported total assets equivalent to USD665.0 million and audited profit before tax of USD20.0 million.
The acquisition is expected to close in the second half of 2025, subject to regulatory approvals.
Upon conclusion of this acquisition, Bidvest Bank will be merged with Access Bank’s existing South African subsidiary. Access Bank South Africa.
Access Bank Plc has a 97.86% equity stake in Access Bank South Africa.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
