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On 12 December 2024 Access Bank Plc (Access Bank) agreed to acquire 100% of the share capital and claims in Bidvest Bank Holdings Limited, subject to regulatory approvals for R2.8 billion.
The 2.8 billion South African Rands is approximately 159.6 million US Dollars or N245 billion.
Access Holdings the parent of Access Bank reported a 14.7% profit growth in the first quarter of 2025 to N182.75 billion.
The bank has been expanding fast across Africa amid fears of an overextension in its operations.
Access Bank, domiciled in Nigeria, is a full-service commercial bank with over 60 million customers globally, through a network of over 700 branches in 23 countries across three continents. Regulatory approvals are expected for the Bidvest deal to close by the first half of 2025.
The Bidvest Group listed Bidvest Bank as a discontinued operation in its latest financial results ahead of the completion of the bank’s sale to Access Bank.
The Central Bank of Nigeria (CBN) in a recent directive on June 13, 2025, temporarily suspended dividend payments, bonuses, and foreign subsidiary investments for banks under regulatory forbearance.
Access Bank, Fidelity and FCMB are the major banks affected by the CBN dividend payment ban due to forbearance loans, Investment bank, Renaissance Capital (RenCap) Africa, said in a report.
Access Holdings said it will comply with the apex bank’s directive by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.
The potential impact of reclassification of estimated loan forbearance on Full Year 2024 NPLs assuming no write-offs will see Access Holdings NPLs more than double to 7%, according to Cardinal Stone Partners.
Access Holdings second quarter earnings result is being expected by the market any time soon.
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