Access Holdings Plc has confirmed that its banking subsidiary, Access Bank Plc, did not complete its proposed acquisition of a 100 per cent equity stake in South Africa-based Bidvest Bank Limited.
The disclosure was made in a corporate filing on the Nigerian Exchange Limited on Tuesday and was signed by the Company Secretary, Sunday Ekwochi.
Access Holdings had announced in December 2024 that Access Bank entered into a binding agreement with Bidvest Group Limited for the acquisition of the entire equity stake in Bidvest Bank. The deal formed part of the group’s broader strategy to strengthen its presence in Southern Africa.
However, in its latest update, the company stated that the long-stop date for the transaction expired on January 26, 2026, without conclusion. It noted that certain conditions precedent, including regulatory approvals, were not fully satisfied before the deadline.
The group attributed the stalled deal to the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than a change in its strategic interest in the South African market.
Commenting on the development, the Managing Director of Access Bank, Mr Roosevelt Ogbonna, said the bank remains engaged with relevant stakeholders in an effort to find a possible path to closure.
“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. 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,” Ogbonna said.
Access Holdings also expressed appreciation to the board and management of Bidvest Bank for their patience and cooperation throughout the process.
The stalled acquisition represents a setback in Access Bank’s continental expansion strategy, particularly in Southern Africa, where it has pursued growth through strategic acquisitions.
Although it remains unclear whether the parties will renegotiate terms or restructure the deal, the company’s statement suggests that discussions have not been formally terminated.
Since the announcement of the proposed acquisition, Bidvest Group has listed Bidvest Bank as a discontinued operation in its unaudited financial results for the six months ended December 2024. A formal process had also commenced for the disposal of Bidvest Bank and FinGlobal.
