Access Holdings Plc has confirmed that its banking subsidiary, Access Bank Plc, was unable to finalise the proposed acquisition of 100% equity in South Africa-based Bidvest Bank Limited after the agreed long-stop date passed without conclusion.
In a corporate filing submitted to the Nigerian Exchange Limited on Tuesday and signed by Company Secretary Sunday Ekwochi, the group stated that the transaction deadline of January 26, 2026, lapsed with certain key conditions — primarily regulatory approvals — still outstanding.
The deal, first announced in December 2024, involved Access Bank entering into a binding agreement with Bidvest Group Limited to acquire full ownership of Bidvest Bank. The transaction was intended to strengthen Access Bank’s presence in Southern Africa and expand its trade finance and retail banking capabilities in the region.
Access Holdings attributed the failure to close to “the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes,” rather than any change in strategic direction toward the South African market.
Access Bank Managing Director Roosevelt Ogbonna said the group remains constructively engaged with all stakeholders to explore possible paths forward. “This initial outcome does not diminish our confidence in South Africa’s financial ecosystem,” he stated. “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.”
The group also thanked Bidvest Bank’s board and management for their patience and cooperation throughout the process.
Bidvest Group had already classified Bidvest Bank as a discontinued operation in its unaudited financial results for the six months ended December 2024 and initiated a formal disposal process for both Bidvest Bank and FinGlobal.
The stalled acquisition represents a setback for Access Bank’s broader continental expansion strategy, which has seen the lender grow aggressively across West, East, and Southern Africa through organic growth and strategic mergers. It remains unclear whether the parties will renegotiate terms, extend timelines, or abandon the transaction entirely, though Access Holdings’ statement suggests discussions have not been formally terminated.
The development highlights the regulatory and operational complexities involved in cross-border banking deals on the continent, particularly those requiring approvals from multiple central banks and financial authorities.
Access Holdings shares reacted mildly to the news in early trading on the NGX, with investors closely watching for any further updates on the future of the South African expansion plan. The lender has not indicated any immediate alternative targets but reiterated its long-term commitment to deepening its footprint across Africa.
