Access Holdings Plc (NGX: ACCESSCORP) has announced that its banking subsidiary, Access Bank Plc, was unable to finalize the acquisition of 100% of South African-based Bidvest Bank before the transaction’s long-stop date expired, as not all conditions were met.
In an official statement posted on the Nigerian Exchange, Access Holdings confirmed that the deal, initially announced on December 12, 2024, reached its contractual deadline on January 26, 2026.
Key conditions, including necessary regulatory approvals, were not fully satisfied.
Access Holdings explained that the expiration of the deal reflects the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than a change in strategic intent.
Roosevelt Ogbonna, the Managing Director of Access Bank, remarked,
“We remain constructively engaged with stakeholders on this transaction as we seek a potential path to closure. This initial outcome does not diminish our confidence in South Africa’s financial ecosystem.” He added that the bank is committed to building “Africa’s most respected financial institution.”
The deal, valued at approximately R2.8 billion, was part of Access Bank’s pan-African expansion strategy.
Bidvest Group has confirmed the termination of the agreement and has resumed the sale process with other potential buyers.
This development highlights the regulatory challenges typically encountered in cross-border banking deals across Africa. Access Bank maintains that it views South Africa as a key market.
Deal background
The proposed transaction involved Access Bank acquiring 100% of Bidvest Bank Holdings Limited for approximately R2.8 billion (roughly $158–174 million at the time of announcement).
For Access Bank one of Africa’s lenders by assets the acquisition was intended to significantly strengthen its footprint in Southern Africa, enhance trade finance capabilities, and support its broader pan-African expansion ambitions.
Bidvest Bank, part of the JSE-listed Bidvest Group, is a niche player in South Africa’s financial services sector, focusing on corporate and retail banking services. The sale formed part of Bidvest’s strategic decision to exit certain financial services operations and refocus on its core industrial and commercial activities.
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