Access Holdings Plc has confirmed that its banking subsidiary Access Bank Plc was unable to complete its proposed acquisition of a 100 per cent equity stake in South Africa based Bidvest Bank Limited after the long stop date for the transaction expired without conclusion.
The disclosure was made in a corporate filing submitted to the Nigerian Exchange Limited on Tuesday and signed by the Company Secretary Sunday Ekwochi. According to the filing the deadline for completing the transaction lapsed on January 26 2026 with some conditions precedent including regulatory approvals yet to be fully satisfied.
Access Holdings had announced in December 2024 that Access Bank entered into a binding agreement with Bidvest Group Limited to acquire full ownership of Bidvest Bank. The deal was seen as a major step in the bank’s expansion strategy in Southern Africa and part of its broader continental growth plan.
In its latest update the company explained that the collapse of the transaction was due to the complexity and extended timelines associated with multi jurisdictional regulatory and transactional processes. It stressed that the development did not reflect a change in the group’s strategic interest in the South African financial market.
Commenting on the situation the Managing Director of Access Bank Roosevelt Ogbonna said the group remains constructively engaged with relevant stakeholders to explore a possible path toward completing the transaction. He noted that the outcome so far has not diminished the bank’s confidence in South Africa’s financial ecosystem.
Ogbonna reaffirmed the group’s commitment to building Africa’s most respected financial institution strengthening trade finance capabilities and delivering long term value to customers partners and communities across its markets.
Access Holdings also expressed appreciation to the board and management of Bidvest Bank for their cooperation patience and support throughout the process.
The stalled acquisition represents a setback for Access Bank’s expansion drive particularly in Southern Africa where the group has pursued growth through strategic acquisitions. However the statement suggests that discussions between both parties have not been formally terminated.
Following the initial announcement of the deal Bidvest Group had classified Bidvest Bank as a discontinued operation in its unaudited financial results for the six months ended December 2024 as part of plans to dispose of the bank and its related entity FinGlobal.
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