Access Bank fails to complete Bidvest Bank acquisition

Access Holdings Plc has confirmed that its subsidiary, Access Bank Plc, did not finalise the proposed acquisition of a 100 per cent stake in South Africa-based Bidvest Bank after the long-stop date expired without completion. The update was disclosed in a corporate filing on the Nigerian Exchange Limited, signed by Company Secretary Sunday Ekwochi.

Access Holdings had initially entered a binding agreement with Bidvest Group Limited in December 2024 to acquire full ownership of Bidvest Bank Limited. The transaction’s completion deadline lapsed on January 26, 2026, with certain conditions, including regulatory approvals, still outstanding.

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The company attributed the delay to the complexities and extended timelines inherent in multi-jurisdictional regulatory and transactional processes, rather than any change in strategic intent regarding the South African market.

Access Bank’s Managing Director, Roosevelt Ogbonna, said: “We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure. This outcome does not diminish our confidence in South Africa’s financial ecosystem. We remain focused on building Africa’s most respected financial institution, strengthening our trade finance capabilities, and delivering long-term value to customers, partners, and communities across all our markets.”

Access Holdings also thanked the board and management of Bidvest Bank for their support and patience throughout the process. While the acquisition marks a setback in Access Bank’s continental expansion strategy, discussions regarding potential renegotiation or restructuring of the deal have not been formally closed.

Since the announcement, Bidvest Group has listed Bidvest Bank as a discontinued operation in its unaudited six-month financial results for December 2024, alongside a formal process to dispose of Bidvest Bank and FinGlobal.