Access Holdings says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
“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,” the statement reads.
“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.”Commenting on the deal, Roosevelt Ogbonna, managing director and chief executive officer of Access Bank, said the acquisition supports the company’s ambition to expand across Africa and solidify its presence in key markets, with South Africa being a top priority.
“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.”On his part, Mpumi Madisa, chief executive officer of Bidvest Group, said he is pleased that Access Bank meets the objectives of the South African company, and provides reassurance for the continued sustainability and prosperity of the bank.
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