South African-based Bidvest Group Limited has reached an agreement to sell its entire stake in Bidvest Bank Limited to Access Bank Plc. The announcement, made by Access Holdings Plc, highlights the group’s dedication to expanding its presence in South Africa and aligning with its broader strategy of establishing a stronger foothold in key African markets.

Bidvest Bank, founded in 2000, specializes in corporate and business banking services and offers a variety of retail banking products. As of the financial year ending June 2024, the bank reported total assets equivalent to $665 million and an audited pre-tax profit of $20 million, showcasing its solid operational performance and growth potential.

Access Holdings disclosed that the transaction, which is subject to regulatory approvals, is anticipated to conclude in the second half of 2025. Upon completion, Bidvest Bank will merge with Access Bank’s existing operations in South Africa, forming a larger entity aimed at driving regional growth within the Southern African Development Community (SADC) region. This strategic acquisition is intended to create a robust platform that supports Access Bank’s ambition of serving as a gateway to global markets while fostering economic integration within Africa.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, emphasized the acquisition as a significant step in the bank’s mission to expand across the continent. He highlighted that combining Bidvest Bank’s local expertise with Access Bank’s trade and retail banking capabilities would enable sustainable growth and deliver enhanced value for customers.

Mpumi Madisa, CEO of The Bidvest Group, expressed confidence in Access Bank’s ability to ensure Bidvest Bank’s long-term sustainability and prosperity. This partnership reflects both organizations’ commitment to driving innovation and growth in the African banking sector.