Access Holdings Plc (“Access
Holdings”) is pleased to announce that its banking subsidiary, Access Bank
Plc (“the Bank”), has entered into a binding agreement with South
Africa-based Bidvest Group Limited for the acquisition of a 100% equity stake
in Bidvest Bank Limited (“Bidvest Bank”). This agreement reflects the Bank’s
commitment to strengthening its footprint in South Africa and consolidating on its
position as the continent's gateway to global markets as it seeks to optimise
the benefits of recent acquisitions and accelerate its transition towards a
greater focus on efficiencies.
Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse 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. Upon conclusion of this acquisition, Bidvest Bank will be merged with
the Bank’s existing South African subsidiary to create an enlarged platform to
anchor the regional growth strategy for the SADC region.
Roosevelt
Ogbonna, Managing Director/CEO of Access Bank Plc,
commented:
“This
acquisition supports our ambition to expand across Africa and solidify our
presence in key markets, with South Africa being a top priority. 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.”
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.”
The transaction aligns with Access Bank’s expansion
objective to build the scale needed to become a major player
in its market. 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.
Back row (L-R): Phathu Tshivhengwa, Group M&A Executive, Bidvest Group; Chuma Ajene, Head of Strategic Investments, Access Bank Plc; Mark Steyn, Chief Financial Officer, Bidvest Group, and Rami Mahlako Maja, M&A Manager, Bidvest Group at the signing ceremony for Access Bank's proposed acquisition of 100% stake in Bidvest Bank in Dubai on Thursday. |
About Access Holdings Plc
Access
Holdings Plc ("the Company") is a
non-operating financial holding company licensed and regulated by the Central
Bank of Nigeria (CBN) and headquartered in Lagos, Nigeria. The Company was
established in 2022 following the regulatory, judicial, and shareholders’
approvals of the Scheme of Arrangement between Access Bank Plc and holders of
its fully paid-up ordinary shares. The Company serves its various markets
through five subsidiaries across the banking, payment, pension administration,
and insurance sectors. The Company’s operating subsidiaries are Access Bank
Plc, Hydrogen Payment Services Company Limited, Access ARM Pensions Limited,
Access Insurance Brokers Limited and Oxygen X Finance Company Limited.
Access
Bank Plc serves its various markets through three
business segments- Corporate and Investment, Commercial and Retail. The Bank
has enjoyed what is Africa’s most successful banking growth trajectory in the
last twenty-two years. Following its merger with Diamond Bank in March 2019,
Access Bank Plc became one of Africa’s largest retail banks by customer base
and Nigeria’s largest bank by total assets. It operates through a network of
more than 700 branches and service outlets, spanning three continents, over 20
countries, and serving over 60 million customers.
Hydrogen
Payment Services Company Limited, the payment company, leverages the strong suite of
the Bank’s existing assets and customer base, creating a super fintech that
will be Africa’s most powerful business services network. Hydrogen being a
company of African heritage has a clear understanding of the unique payment
challenges across the continent and is positioned to address these challenges
with its offerings. Its range of products and services, such as InstantPay,
Payment gateway, POS services, Card and Switch processing are gaining traction
in the marketplace and addressing the unique needs of customers.
Access
ARM Pensions Limited [formerly Access Pensions Limited], is one of Nigeria’s largest Pension Funds
Administrator (‘PFA’) by customer base and Assets Under Management, with
nearly ₦3 trillion in assets under management and serving over 2 million
Retirement Savings Account holders.
Access ARM Pensions Limited is the product of several
separate entities. The erstwhile Access Pensions Limited first became a subsidiary of
Access Holdings following the acquisitions of the former First Guarantee
Pension Limited and Sigma Pensions Limited and their later merger.
Subsequently, Access Pensions Limited merged with ARM Pensions Managers [PFA]
Limited to form Access ARM Pensions Limited. As one of Nigeria’s leading PFAs, Access ARM Pensions Limited is leveraging key
relationships and the growing ecosystem of Access Group across Africa to unlock
greater opportunities for customers.
Access
Insurance Brokers Limited is a company licensed by the National Insurance
Commission that provides intelligent solutions that mitigate the unique risks
faced by individuals and businesses in an ever-changing world using leading
risk management tools and governance standards.
Oxygen
X Finance Company Limited is a digital first consumer lending business built
to anchor digital lending for Access Group, deliver superior value to
customers, drive enhanced value proposition and maximise value accretion.
Oxygen X is positioned to
be a dominant digital-first player in the Nigeria consumer lending space, leveraging
connectivity with Access Bank and other subsidiaries while building a dynamic
ecosystem.
Access
Holdings Plc strives to invest in businesses that are committed to sustainable
practices and have a positive impact on the environment.
For
media inquiries, please contact:
Olakunle Aderinokun
Head, Media Relations
Access Holdings Plc
+2348033204315
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