Access Holdings Plc, Nigeria’s largest lender by assets, plans to buy South Africa’s Bidvest Bank Holdings Ltd. for 2.3 billion rand ($133 million), aiming to strengthen its presence in Africa’s most industrialised economy. The purchase price comes in far below the 2.8 billion rand ($159 million) valuation that sources mentioned when the deal was first announced.
The acquisition from Bidvest Group Ltd. forms part of Access Bank’s broader strategy to expand across the continent and reinforce its South African operations, which recorded a ₦17.39 billion ($11.2 million) loss in the nine months ending September 2024. Bidvest Bank, on the other hand, remains profitable, reporting about $20 million in pre-tax earnings as of June 2024. Access Holdings sees this deal as a chance to bring new strength and profitability to its southern African business.
This latest move continues Access Bank’s aggressive growth drive across Africa. The Lagos-based lender recently completed another major transaction—a $109.6 million (₦179.1 billion) acquisition of the National Bank of Kenya (NBK) from KCB Group. That purchase, finalised in May 2025, helps the bank secure a foothold in East Africa’s biggest economy. Despite reporting a $1.47 million loss in the first half of 2025, Access Bank’s Kenyan operations are expected to gain momentum as integration deepens.
For Bidvest Group, the sale signals a shift in focus. The company is pulling back from financial services to concentrate on its main businesses in hygiene, facilities management, and distribution. The transaction gives Bidvest fresh capital to strengthen its core sectors while allowing Access Holdings to grow its continental banking network.
Access Bank’s half-year financial report confirmed that the bank will keep the Bidvest acquisition under review until it meets the final closing conditions. The bank stated that it has not yet recorded the transaction in its interim financial statements.
With this move, Access Holdings continues to shape itself into one of Africa’s leading banking groups, balancing bold acquisitions with a vision to connect markets across the continent through a strong, unified financial network.
