Access Bank Completes Acquisition of South African Bank, Targets More Countries
- Access Bank continue to expand across the African continent and the world with the acquisition of another bank
- This latest is Bidvest Bank, the leading second-tier South African bank, in a deal worth over $159 million
- Roosevelt Ogbonna, the managing director/CEO of Access Bank Plc and CEO of the Banking Group, has revealed more targets
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
Access Holdings Plc has announced that it has entered a binding agreement to acquire South Africa’s Bidvest Bank.
The deal was disclosed in a statement on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, Access Holdings’ secretary.
Source: Getty Images
Access Bank is expected to complete the acquisition in the second half of 2025, pending approval from regulators.
Once the deal is finalised, Bidvest Bank will merge with Access Bank's current South African subsidiary.
This merger aims to create a larger platform to support the bank's growth plans in the Southern African Development Community (SADC) region.
CEOs speak on the deal
In the statement, Roosevelt Ogbonna, managing director/CEO of Access Bank Plc, expressed the bank's ambition to expand across Africa and solidify its presence in key markets, with South Africa being a top priority.
Ogbonna stated in the filing:
"It underscores our commitment to establishing a more resilient, diversified, and sustainable business model that leverages technology to meet evolving customer needs.
"Bidvest Bank provides a unique opportunity to blend its strong local expertise with Access Bank’s robust trade and retail banking capabilities, creating a platform for long-term growth and value creation."
Also speaking on the deal Mpumi Madisa, chief executive of The Bidvest Group, added:
"As a well-respected, experienced, and prominent financial services entity, I am pleased that Access Bank meets our objectives and provides reassurance for the continued sustainability and prosperity of the bank.
"It will enable the bank to advance, scale, and sustainably grow in today's fast-changing, technology-driven, and highly competitive sector."
Access Bank is excited about the deal
Access Bank further stated that the transaction aligns with Access Bank's expansion objective to build the scale needed to become a major player in its market, Punch reports.
It added:
"By leveraging Bidvest Bank's robust local capabilities and Access Bank's established pan-African presence, the Bank will have increased capacity for intra- and inter-Africa trade, connecting businesses and creating new opportunities for regional integration."
Access completes acquisition of 2 banks
In a related development, Legit.ng reported that Access Bank has secured another deal to take over Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
Its flagship subsidiary, Access Bank Plc United Kingdom, made the deal possible.
Access Bank has announced plans to expand its presence into additional countries.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
