Access Bank Plc’s proposed acquisition of a 100 per cent equity stake in South African-based Bidvest Bank has been stalled after the transaction failed to meet all required conditions before the agreed long-stop date, underscoring the challenges associated with cross-border banking deals.
In a disclosure to Nigerian Exchange Limited, seen by THEWHISTLER, Access Holdings Plc said the long-stop date for the transaction expired on January 26, 2026, without completion, as certain conditions precedent, particularly regulatory approvals, were not fully satisfied within the agreed timeframe.
The acquisition process, which formally commenced on December 12, 2024, was expected to culminate in Access Bank, a subsidiary of Access Holdings, taking full ownership of Bidvest Bank.
However, the banking group noted that the lapse of the deadline reflects the complexity and extended timelines typical of multi-jurisdictional regulatory and transactional processes, rather than any shift in its strategic priorities.
Access Holdings emphasised that the outcome does not signal a loss of confidence in the South African market, which remains central to the group’s pan-African growth strategy.
Commenting on the development, Managing Director of Access Bank Plc, Mr. Roosevelt Ogbonna, said the bank remains actively engaged with relevant stakeholders in a bid to explore possible pathways to concluding the transaction.
“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,”
Ogbonna added that Access Bank remains committed to its broader vision of building Africa’s most respected financial institution, strengthening its trade finance capabilities, and delivering sustainable long-term value to customers, partners and communities across its operating markets.
The bank also expressed appreciation to the Board and Management of Bidvest Bank for their cooperation and patience throughout the process.
Access Bank’s planned entry into the South African banking market through the acquisition of Bidvest Bank was seen by analysts as a strategic move to deepen its footprint in Africa’s most industrialised economy and enhance its continental trade and corporate banking franchise.
The latest development highlights the regulatory rigor involved in cross-border bank acquisitions, particularly in highly regulated financial markets such as South Africa.
