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.
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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.
Access Bank has been operating in South Africa since 2021 following its acquisition of controlling interest in Grobank Limited South Africa (Formerly Athens Banks founded in 1947) for a fee estimated US$60 million. Access Bank went further and obtained regulatory approval to rebrand Grobank to Access Bank South Africa and to convert to a retail commercial bank.
Legal advisor to Access Bank:
Webber Wentzel
Transactional services advisor to Bidvest:
Deloitte
Financial advisor to Bidvest:
Rand Merchant Bank (a division of Firstrand Bank Limited)
Legal advisors to Bidvest:
Alchemy Law
Werksmans Attorneys
Sponsor to Bidvest:
Investec Bank Limited
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