Nigerian-based Access Bank has announced plans to acquire South Africa’s Bidvest Bank for 158 U.S. dollars.
The acquisition is aimed at boosting the Nigerian-based bank’s presence in South Africa and the SADC region.
“We are pleased to announce that Access Bank Plc (Access Bank) has signed a binding agreement to acquire a 100 percent equity stakes in South African-based Bidvest Bank, marking a significant milestone in our commitment to strengthening our footprint in South Africa and across the SADC region,” the bank said in a statement.
A regulatory approval will pave the way for merging Bidvest Bank’s operations with the South African subsidiary of Access Bank.
This merger will create an enlarged platform to drive regional growth, enhance intra- and inter-African trade, and unlock new opportunities for businesses across the continent, said the statement.
“We remain dedicated to building a stronger, more connected Africa,” the bank assured.
The Nigerian bank also acquired the National Bank of Kenya for 99.6 million U.S dollars and 80 percent stake in Uganda’s Finance Trust Bank in January 2024.
Other acquisitions by the bank include Standard Chartered Bank Angola and Sierra Leone, Cavmont Bank (Zambia), Grobank (South Africa), Transnational Bank (Kenya), Diamond Bank, Intercontinental Bank, Marina Bank and Capital (Nigeria).
Access Bank is Africa’s largest bank by customer base with 60 million users, and operations in 23 countries including the UAE and the UK.
As of March 2022, the bank’s assets were worth 28.8 billion dollars.