Lagos, Nigeria – Access Bank, Africa’s largest bank by customer base, has announced plans to acquire Bidvest Bank in South Africa for $158 million. This strategic move strengthens the Nigerian bank’s position as a leading financial institution across the continent.
In 2022, Access Bank acquired the National Bank of Kenya for $99.6 million and an 83.4% stake in Sidian Bank for $36.8 million. Other acquisitions include Standard Chartered Bank Angola and Sierra Leone, Cavmont Bank (Zambia), Grobank (South Africa), and several Nigerian banks, including Diamond Bank and Intercontinental Bank.
With operations spanning 23 countries, including the UAE and the UK, Access Bank serves 60 million customers, solidifying its reputation as Africa’s most extensive bank by customer base. As of March 2022, the bank reported assets worth $28.8 billion.
History of Access Bank
Established in 1989, Access Bank obtained its banking license in 1990 and commenced operations in May of the same year. Initially focusing on corporate banking, the institution embarked on an ambitious transformation in 2002 under the leadership of Aigboje Aig-Imoukhuede and Herbert Wigwe.
Through strategic acquisitions and organic growth, the bank transitioned into a full-service commercial bank, offering retail, SME, and corporate banking services. Key milestones in its history include:
- 2005: Acquired Marina Bank and Capital Bank International in Nigeria.
- 2011: Merged with Intercontinental Bank, boosting its scale and market position.
- 2019: Acquired Diamond Bank, becoming the largest retail bank in Africa by customer base.
Regional and International Expansion
Over the years, Access Bank has pursued aggressive expansion beyond Nigeria, targeting key markets across Africa and globally:
2015: Entered the UK market through Access Bank UK.
2020-2022: Acquired Grobank (South Africa), Cavmont Bank (Zambia), Transnational Bank (Kenya), and Standard Chartered Bank’s operations in Angola and Sierra Leone.
2022: Purchased the National Bank of Kenya for $99.6 million and an 83.4% stake in Sidian Bank for $36.8 million.
Current Standing
With operations in 23 countries, including the UAE and the UK, Access Bank serves over 60 million customers, solidifying its position as Africa’s largest bank by customer base. As of March 2022, the bank reported total assets worth $28.8 billion.
The acquisition of Bidvest Bank aligns with its strategy to expand its footprint in South Africa, following its earlier purchase of Grobank. With this move, the bank is committed to becoming a dominant player in Africa and on the global stage.
