The proposed acquisition of South Africa's Bidvest Bank by Nigeria's Access Bank Plc has collapsed.
The deal, announced on December 12, 2024, involved Access Bank acquiring 100% of Bidvest Bank Holdings Limited from the JSE-listed Bidvest Group for approximately R2.8 billion (around $150 million, ). The transaction aimed to strengthen Access Bank's presence in South Africa by merging Bidvest Bank with its existing subsidiary, Access Bank South Africa (formerly Grobank, where Access acquired a controlling stake in 2020 and rebranded in 2021). This would have enhanced its platform for growth across the Southern African Development Community (SADC) region.
Closure was initially targeted for the second half of 2025, subject to regulatory approvals from authorities in South Africa and Nigeria, among other standard conditions precedent.
However, the long-stop date expired on January 26, 2026, without all conditions being met, particularly regulatory approvals. This triggered the automatic termination of the Sale and Purchase Agreement. Both parties had collaborated over recent months to secure the necessary nods, but certain requirements remained unfulfilled by Access Bank.
Access Holdings Plc (the parent company) confirmed the outcome in a statement to the Nigerian Exchange Limited on 10th February 2026, noting that the failure stemmed from the "complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes," rather than any change in strategic intent toward the South African market.
The aborted acquisition represents a setback for Access Bank's ambitious pan-African growth strategy. The bank has built a reputation for aggressive expansion across the continent. It also marks one of Access Bank's more prominent recent acquisition setbacks including the collapsed bid for a majority stake in Kenya's Sidian Bank in 2023 (due to missing a closing deadline) and the more recent abandonment of a long-running pursuit of Uganda's Finance Trust Bank (attributed to prolonged regulatory delays and capital requirements)
No detailed public explanation has emerged on the specific unmet conditions, though reports point to regulatory hurdles, potentially from the Central Bank of Nigeria (CBN), South African authorities, or both—as a key factor. Some sources suggest links to broader recapitalization pressures in Nigeria's banking sector.
Bidvest Group announced the termination to shareholders on February 9, 2026, and has since relaunched the sale process for Bidvest Bank, expressing confidence in achieving a faster completion with new interested parties. The group emphasized that divesting the banking unit remains a strategic priority as it refocuses on core non-financial businesses.
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