Bidvest Group to Sell Bank to Access Bank for R2.8 Billion
A Buyer For Bidvest Bank
In July 2024, Bidvest Group announced that it would begin looking for a buyer for Bidvest Bank (Bidvest Bank Holdings Limited).
Read More: https://debtfreedigi.co.za/bank-for-sale/
In December 2024 it was announced that they had found a potential buy and planned to sell Bidvest Bank Holdings Limited, to Nigeria’s Access Bank plc for R2.8 billion.
Once Regulators Happy Sale Will Proceed
The deal is expected to be finalized in the second half of 2025, pending regulatory approvals in both South Africa and Nigeria.
Bidvest Bank specializes in leased assets, loans, and advances, holding a book value of R6 billion, funded by deposits of R8 billion. Bidvest Bank has been a consistent performer, with a trading profit of R371 million and operating income of R377 million in its latest financial year. It was however recently hit with regulatory fines by the Prudential Authority as SA tries to get off an international “grey list”.
Read More: https://debtfreedigi.co.za/news-big-banks-fined/
This acquisition will give Access Bank instant reach into the South African market while allowing Bidvest Group to move away from banking and refocus its resources on their other core businesses.
