Nigerian banking giant Access Bank is set to acquire Bidvest Bank, a move that will significantly bolster its presence in South Africa. The acquisition, valued at R2.8 billion, was announced in December 2024 by JSE-listed Bidvest Group.
The sale is expected to close in the second half of 2025, pending regulatory approvals in South Africa and Nigeria. Access Bank aims to merge Bidvest Bank with its existing South African subsidiary, creating a stronger platform to anchor its growth strategy in the Southern African Development Community (SADC) region.
“This acquisition supports our ambition to expand across Africa, with South Africa being a top priority,” said Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc. He added that Bidvest Bank’s local expertise would complement Access Bank’s trade and retail banking capabilities, enabling the creation of a robust platform for long-term growth.
Access Bank plans to implement Broad-Based Black Economic Empowerment (BBBEE) ownership, including an Employee Stock Ownership Plan, as part of its commitment to local economic development.
Bidvest Bank, whose assets primarily include leases, loans, and advances, reported a book value of R6 billion in December 2024, funded by R8 billion in deposits. The bank generated a trading profit of R371 million during its most recent financial year.
Bidvest has committed to supporting the bank’s financial stability throughout the transition. The proceeds from the sale will be used to settle existing debts.
With over 60 million customers across three continents, Access Bank is Nigeria’s largest lender by assets. It views the acquisition as a critical step in solidifying its presence in South Africa’s banking sector, which is the largest in Africa, with tier 1 capital exceeding $42.2 billion in 2022.
The bank plans to leverage the acquisition to enhance its SME, business, and foreign exchange services while introducing new offerings tailored to the South African market.
In addition to selling Bidvest Bank, Bidvest announced the sale of FinGlobal to Momentum Group and revealed ongoing negotiations for the sale of Bidvest Life. These divestments will be reflected in Bidvest’s financial statements for the year starting July 2024.
The acquisitions mark a significant shift in both Access Bank’s and Bidvest’s strategic directions, setting the stage for transformative growth in Africa’s banking sector.
