Access Bank Seeks to Acquire South Africa’s Bidvest Bank for $159 Million

Access Bank Plc, Nigeria’s largest lender by assets, has announced its intention to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million), according to a Bloomberg report. This proposed acquisition aims to strengthen the bank’s footprint in South Africa and bolster its presence in strategic markets across the continent.

Bidvest Bank, a subsidiary of Bidvest Group Ltd., focuses on vehicle financing and foreign exchange services.

Access Bank, a unit of Access Holdings Plc, has been on an ambitious expansion drive. The bank operates in 23 countries, including the UAE and the UK, serving over 60 million customers across three continents.

On December 10, the lender launched a new unit in Malta after securing approvals from the European Central Bank and Malta Financial Services Authority, marking another milestone in its global growth strategy.

“This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top priority,” said Roosevelt Ogbonna, Managing Director of Access Bank.

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The acquisition aligns with Access Bank’s five-year growth plan to double the share of assets outside Nigeria by 2027 and rank among the continent’s top five banks. Bidvest announced earlier this year that it would dispose of its financial services businesses, paving the way for this transaction.

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