Access Bank, a leading financial institution in Nigeria, is poised to expand its footprint in the African banking sector by acquiring Bidvest Bank in South Africa for an estimated $158 million. This comes on the heels of its recent acquisition of the National Bank of Kenya for $99.6 million, along with an 83.4% stake in Sidian Bank for $36.8 million in 2022.
The bank’s growth strategy has also included the acquisition of other notable institutions such as Standard Chartered Bank Angola, Standard Chartered Bank Sierra Leone, Cavmont Bank in Zambia, and Grobank in South Africa, as well as Transnational Bank in Kenya and several Nigerian banks including Diamond Bank, Intercontinental Bank, Marina Bank, and Capital Bank. With a customer base that stands as the largest in Africa at 60 million users, Access Bank operates in 23 countries across the continent and beyond, including the United Arab Emirates and the United Kingdom. As of March 2022, the bank reported total assets amounting to $28.8 billion, reflecting its significant presence and influence in the banking industry.
