One of Nigeria’s leading financial institutions, Access Holdings Plc, has informed the investing public that its proposed acquisition of a 100% equity stake in South Africa’s Bidvest Bank has failed following unresolved regulatory approvals before the deadline.
This was contained in a statement released on Tuesday and obtained by news.ng.
The financial services institution disclosed that it could not meet the regulatory conditions before the January 26, 2026, deadline.
According to the statement, the acquisition, which was formally announced on December 12, 2024, was supposed to be executed by its subsidiary, Access Bank Plc.
Access Holdings Plc intended to acquire the entire share capital of Bidvest Bank as part of its audacious drive to expand its footprint on the African continent.
However, Access Holdings Plc noted that “the long-stop date for the proposed acquisition of Bidvest Bank by the Company’s banking subsidiary, Access Bank Plc (‘the Bank’) has expired without completion.”
According to the statement, “The long-stop date by which all conditions required to complete the transaction expired on January 26, 2026, and certain conditions (including regulatory conditions) were not fully met.”
It, however, explained that the outcome did not go as planned due to some underlying regulatory requirements, which were cumbersome.
“The outcome reflects the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than any change in the Bank’s strategic intent or assessment of the South African market,” the company stated.
“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,” Access Bank’s Managing Director, Mr Roosevelt Ogbonna, said.
Access Holdings Plc thanked Bidvest Bank for its cooperation and the level of leadership demonstrated throughout the negotiation, which did not materialise.
“We thank the Board and Management of Bidvest for their patience and support throughout this process.”
News.ng reports that South Africa’s financial regulatory authorities may have temporarily halted Access Holdings Plc’s interest in Bidvest Bank. Still, its quest to expand its footprint on the African continent remains on course.
