Access Holdings Plc announced that its banking subsidiary, Access Bank Plc, will continue collaborating with stakeholders to wrap up the full acquisition of South Africa’s Bidvest Bank, even though the deal wasn’t completed before the deadline.
The development marks a setback for Access Bank’s expansion ambitions in Southern Africa, though the bank has signalled its continued interest in the region and potential future opportunities to revive the transaction.
“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure, noted Roosevelt Ogbonna, Managing Director of Access Bank.
The long-stop date of the planned acquisition of South Africa’s Bidvest Bank expired on January 26, 2026, without all conditions being satisfied.
The deal, first disclosed to the Nigerian Exchange Limited on December 12, 2024, reached its long-stop date of January 26, 2026, without certain regulatory approvals and other unfulfilled conditions, preventing its completion.
In a statement, Access Holdings described the outcome as a reflection of the “complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes”, emphasising that it does not signal any shift in the bank’s strategic interest in the South African market.
Ogbonna said, “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 also expressed gratitude to the board and management of Bidvest for their patience and support throughout the process
Credit: InsideBusiness
