from OKORO CHINEDU in Lagos, Nigeria
Nigeria Bureau
LAGOS, (CAJ News) – ACCESS Holdings has acquired Bidvest Bank.
This landmark transaction reflects Access Bank’s commitment to expanding its footprint in Africa and strengthening its position as the continent’s gateway to global markets.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, commented, “This acquisition supports our ambition to expand across Africa and solidify our presence in key markets, with South Africa being a top
priority.”
This underscores a 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,” Ogbonna said.
Bidvest Group chief executive, Mpumi Madisa, said as a well-respected, experienced and prominent financial services entity, they were pleased that Access Bank met their objectives and provided 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,” Madisa said.
In its financial year ended June 2024, Bidvest Bank reported total assets equivalent to US$665 million and audited profit before tax of $20 million.
– CAJ News