Access Bank’s bid for South African bank collapses

Access Holdings Plc has confirmed that its banking subsidiary, Access Bank Plc, has failed to complete its proposed acquisition of a 100 per cent equity stake in South Africa-based Bidvest Bank after the long-stop date for the transaction expired without conclusion.

This was disclosed in a corporate filing on the Nigerian Exchange Limited on Tuesday, signed by the Company Secretary, Sunday Ekwochi.

The PUNCH reported in December 2024 that Access Holdings Plc announced that the bank had entered into a binding agreement with South Africa-based Bidvest Group Limited for the acquisition of a 100 per cent equity stake in Bidvest Bank Limited.

Providing the latest update, Access Holdings said that the deadline for completing the transaction lapsed on January 26, 2026, with certain conditions, including regulatory approvals, yet to be fully satisfied.

The company attributed the collapse of the transaction to the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than any shift in its strategic intent regarding the South African market.

Commenting on the development, Access Bank’s Managing Director, Roosevelt Ogbonna, said the group remains engaged with stakeholders on the transaction in a bid to identify a possible path to closure.