Access Bank Expands: $159m Deal to Acquire South Africa’s Bidvest Bank Amid Recapitalisation Drive
- Access Bank is close to taking over South African lender in a $159 deal that will consummate in about three months
- The Nigerian bank announced via a statement that it has completed a 100% equity stake in the bank, pending regulatory approval
- Access Bank is aggressively pushing into the African market and has recently taken over the operations of the 130-year-old Standard Chartered
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Nigeria’s Access Bank has signed a landmark agreement to acquire South Africa’s Bidvest Bank for R2.8 billion ($159 million), continuing its aggressive expansion across Africa and beyond.
The deal, announced by Bidvest Group, will see Nigeria’s largest lender by customer base take full control of Bidvest Bank Holdings Limited, subject to regulatory approvals.
Source: Getty Images
Bidvest exits financial services
The transaction is expected to close within three months, further strengthening Access Bank’s footprint across key African markets.
For Bidvest Group, the sale marks a major restructuring. The company has been dismantling its financial services arm since 2024, divesting several businesses to focus on its core segments.
Alongside Bidvest Bank, the group has sold:
- FinGlobal – 100% of its share capital was sold to Momentum Strategic Investments for R201 million.
- Bidvest Asset Management – divested for R2 million.
- Bidvest Life – received a binding R130 million offer.
The group’s remaining short-term insurance operations were moved to its automotive division to sharpen focus on vehicle insurance and related products.
Bidvest confirmed that Bidvest Bank is now listed as “held-for-sale” in its financial reports, underscoring its imminent transfer to Access Bank.
Access Bank’s expansion push
Access Bank has been pursuing a bold acquisition strategy to cement its status as Africa’s most powerful lender.
With over 60 million customers, 700 branches, and operations in 23 countries across three continents, the bank is leveraging takeovers to accelerate its global influence.
The Bidvest Bank acquisition comes just months after Access Bank secured regulatory approval to acquire Standard Chartered Bank’s operations in five African countries.
That takeover, which was announced last year, is seen as one of the most significant moves in recent African banking history, positioning Access Bank as a dominant player in cross-border finance.
Analysts say the Bidvest deal is strategic, giving Access Bank entry into South Africa’s highly competitive banking sector, access to Bidvest’s established forex and fleet management businesses, and a stronger base for regional expansion.
Bidvest’s financial results: A mixed fortune
Bidvest’s exit from financial services comes amid uneven group performance. While certain segments struggled, others recorded growth.
- Freight earnings fell 10%
- Commercial Products contracted by 28.4%
- Services South Africa grew by 13.6%
- Services International rose 12.1%
- Branded Products up 7.8%
- Automotive grew 2.5%
Despite these variations, Bidvest delivered strong cash conversion of 95.3%, underlining operational resilience.
- Key metrics for the year ending June 30, 2025, included:
- Revenue: +5% to R126.6 billion
- Trading profit: +1% to R12.0 billion (margin down 40bps to 9.5%)
- Cash from operations: +6% to R14.7 billion
- Basic EPS: down 5% to 1,873.8 cents
- Final dividend: 453 cents, up 1%
The group also pursued new growth opportunities, including the acquisition of hygiene company Citron in North America and a 25-year Richards Bay concession for long-term terminal investments.
What it means for African banking
Access Bank’s entry into South Africa through Bidvest Bank could reshape competition in Africa’s financial services industry.
With its balance sheet strengthened by recapitalisation efforts and a history of aggressive mergers, Access is positioning itself not only as a Nigerian leader but as a pan-African powerhouse.
Source: UGC
Industry observers note that by combining the Standard Chartered takeover with the Bidvest acquisition, Access Bank is strategically covering both West and Southern Africa, two of the continent’s most vital banking corridors.
As the deal nears completion, analysts say customers and businesses can expect greater cross-border access, improved forex services, and deeper competition in South Africa’s financial market.
Access Bank meets CBN's N500bn recapitalisation target
Legit.ng earlier reported that two commercial banks have already met and beaten the Central Bank of Nigeria (CBN) March 31, 2026, deadline for the new N500 billion minimum capital base requirement for commercial banks.
The two tier-1 lenders are Zenith Bank and Access Holdings, which exceeded the N500 billion threshold and share premium ceiling set by the apex bank.
This is according to a report by Proshare, which said that Zenith Bank leads with a share capital and share premium of N614.65 billion, followed by Access Bank at N594.90 billion.
Source: Legit.ng
