Access Bank Plc proposed acquisition of a 100 per cent stake in South Africa’s Bidvest Bank has collapsed after the parties failed to secure all the required regulatory approvals within the agreed timeframe, bringing an abrupt end to a deal that was expected to significantly boost the Nigerian lender’s presence in Southern Africa.
The development was disclosed on Monday by The Bidvest Group Limited, the parent company of Bidvest Bank, in an update to shareholders.
Bidvest, which is listed on the Johannesburg Stock Exchange (JSE), said the transaction could not be concluded because certain conditions precedent, notably regulatory approvals, were not fully satisfied by the contractually agreed long-stop date.
“It is unfortunate that certain conditions were not fulfilled by Access Bank Plc by the contractually agreed long-stop date, resulting in the termination of the transaction,” Bidvest said in its statement.
As a result, the group confirmed that the sale agreement has been terminated and that it has now relaunched the disposal process for Bidvest Bank, while exploring alternative options.
“Bidvest has now relaunched the disposal process. We remain confident in our ability to successfully execute this disposal and will endeavour to accelerate transaction timeframes,” the company added.
As of the time of filing this report, Access Bank had yet to issue a formal response to the collapse of the deal.
The collapsed transaction was first announced in 2024, when Access Holdings Plc revealed that its flagship subsidiary, Access Bank Plc, had entered into a binding agreement with Bidvest Group to acquire 100 per cent of Bidvest Bank.
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The deal, valued at about N238.75 billion (approximately R2.8 billion), was a central plank of Access Bank’s strategy to deepen its footprint across Africa and position itself as a key gateway between African markets and the rest of the world.
At the time, Access Bank said the acquisition would strengthen its operations in Southern Africa and enhance its capacity to deliver cross-border banking and trade finance services across the region. The transaction was initially expected to close in the second half of 2025.
Following the termination of the agreement, Bidvest said it has reinstated itself as the sole shareholder of Bidvest Bank and will continue to provide support to ensure stability during the transition period.
The group stressed that the bank remains financially healthy, well capitalised and operationally sound, with all key ratios above minimum regulatory requirements.
Bidvest also emphasised that the welfare of employees and the maintenance of high service standards for customers remain top priorities, adding that Bidvest Bank will continue to operate normally while the disposal process is relaunched.
A Lagos-based financial analyst, who specialises in African banking consolidation, noted that while Access Bank has demonstrated a strong appetite for expansion, “regulatory coordination across jurisdictions remains one of the biggest obstacles to seamless deal execution.”