Access Bank Plc has entered into a binding agreement with South African-based Bidest Group Limited to acquire a 100 percent equity stake in Bidvest Bank.
A statement released on Thursday by Olakunle Aderinokun, Head of Media Relations at Access Holdings Plc, highlighted that the agreement underscores the bank’s dedication to expanding its presence in South Africa. It also aims to reinforce its position as a key gateway for the continent to global markets, while optimizing the advantages of recent acquisitions and accelerating its shift towards greater operational efficiency.
L-R: Seyi Kumapayi, Executive Director African Subsidiaries, Access Bank Plc and Mpumi Madisa, Chief Executive Officer, Bidvest Group at the signing ceremony for Access Bank’s proposed acquisition of 100% stake in Bidvest Bank in Dubai on Thursday.
Founded in 2000, Bidvest Bank is a South African financial institution that provides a wide range of services, including corporate and business banking solutions and diverse retail banking products. As of 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.
