ACCESS BANK PLC SIGNS AGREEMENT TO ACQUIRE 100% EQUITY STAKE IN SOUTH AFRICA-BASED BIDVEST BANK
Lagos, Nigeria – December 12, 2024: 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.
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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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