On December 12, 2024, Nigerian Access Holdings Plc commenced the acquisition of South African-based Bidvest Bank for its banking subsidiary, Access Bank Plc. In the proposed acquisition, Access Bank was supposed to acquire a 100% equity stake in Bidvest Bank. But the transaction, worth R2.8 billion, failed due to unmet requirements. Access Bank wrote a letter to the Nigerian Exchange Limited that the long-stop date for the proposed acquisition of Bidvest Bank expired on January 26, 2026, without completion.
In the letter, Access Bank wrote that the transaction's unmet conditions, including regulatory requirements, are the cause of the acquisition terminal. According to Bidvest Bank, in a statement released on Monday, they worked with Access Bank to secure required approvals, but it was unfortunate that certain conditions were not fulfilled by Access Bank by the contractually agreed longstop date, resulting in the termination of the transaction. “We thank the Board and Management of Bidvest for their patience and support throughout this process,” Roosevelt Ogbonna, managing director (MD) of Access Bank, confirmed.
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," Access Bank cited in the letter written to update the Nigerian stock market regarding the acquisition. Meanwhile, Bidvest Group has made it clear that it's now reopened for other potential buyers who are interested in the acquisition of Bidvest Bank.
Bidvest Group says the sale of Bidvest Bank is a necessary step for it to take, as it'll allow the company to focus more on other more profitable businesses. However, it's important to note that the company is not only selling its banking subsidiary; it's also selling its life insurance business, Bidvest Life, to a private equity-led consortium. Notably, the sale of Bidvest Life is still pending regulatory approvals and standard closing conditions.
