Access Bank Plc’s bid to purchase 100% equity in Bidvest Bank Limited, a South African financial institution for approximately R2.8 billion (roughly $157 million at the time) has fallen through after Access Bank failed to meet certain key conditions before the contractually agreed long-stop date of January 26, 2026.
Access Holdings Plc formally notified the Nigerian Exchange (NGX) of the termination in an official disclosure document on Tuesday.
“The outcome reflects the complexities and extended timelines associated with multijurisdictional regulatory and transactional processes, rather than any change in the Bank’s strategic intent or assessment of the South African market,” the bank said in its filing.
Bidvest stated: “It is, however, unfortunate that certain conditions were not fulfilled by Access Bank plc by the contractually agreed longstop date, resulting in the termination of the transaction.”
Reports suggest delays or challenges in securing timely CBN approval played a central role, amid Nigeria’s ongoing banking sector recapitalisation requirements and regulatory environment at the time.
In the aftermath, Bidvest has relaunched the sale process for Bidvest Bank and is now engaging with other potential buyers. Access Bank also reiterated their commitment to pan-African growth, stating that this specific outcome does not alter their long-term strategy in the region, including South Africa.
