Access Bank’s bid to acquire Bidvest Bank collapses amid regulatory setbacks

Access Bank’s proposed acquisition of a 100 per cent stake in Bidvest Bank has collapsed after both parties failed to fulfill the required regulatory conditions.

Access Holdings Plc, the parent company of Access Bank Plc, announced signing a binding agreement to acquire a 100 per cent equity stake in South Africa’s Bidvest Bank Limited in December 2024.

On Tuesday, the failed acquisition of the Bidvest Bank was disclosed by Access Holdings in a statement signed by the company’s secretary, Sunday Ekwochi.

Access Bank revealed that its proposed acquisition of Bidvest Bank commenced on 12 December 2024 and expired on 26 January.

The bank explained that the process required to fully complete the transaction expired due to certain conditions, including regulatory conditions that were not fully met.

“Access Holdings Plc (“the Company”) hereby announces that the long-stop date for the proposed acquisition of Bidvest Bank by the Company’s banking subsidiary, Access Bank Plc (“the Bank”), has expired without completion.

“The long-stop date by which all conditions required to complete the transaction expired on 26 January 2026, and certain conditions (including regulatory conditions) were not fully met,” the statement read.

The bank further explained that the collapse of the deal with the bank reflected the complexities and extended timelines associated with multi-jurisdictional regulation, rather than a change in its strategic activities in the markets.

“The outcome reflects the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than any change in the Bank’s strategic intent or assessment of the South African market.”

Commenting on the development, the bank’s Managing Director, Roosevelt Ogbonna, reiterated the bank’s confidence in South Africa’s financial market despite the termination of the proposed acquisition of Bidvest Bank.

“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure. This initial outcome does not diminish our confidence in South Africa’s financial ecosystem.

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“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.

“We thank the Board and Management of Bidvest for their patience and support throughout this process,” Mr Ogbonna said.

The bank added that Bidvest Bank remains well capitalised and operationally sound, noting that it will continue to support the lender as the renewed disposal process proceeds.