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Access Bank’s proposed acquisition of South Africa’s Bidvest Bank has been terminated due to unmet conditions.
The Bank had proposed to acquire 100 percent of Bidvest Bank in a transaction that commenced on December12,2024.
The deal, valued at R2.8 billion, was announced in December 2024 and was expected to significantly boost Access Bank’s presence in South Africa.
However, the transaction’s long-stop date expired on January 26, 2026, without fulfilling all required conditions, including regulatory approvals.
In statement signed by the Bank’s Secretary, Mr. Sunday Ekwochi, company secretary, he said, “We remain constructively engaged with stakeholders on this transaction towards finding financial institution, strengthening our trade finance capabilities and delivering long-term value to customers, partners and communities across all our markets.
We thank the Board and Management of Bidvest for their patience and support Africa’s financial ecosystem. We remain focused on building Africa’s most respected a potential path to closure.This initial out come does not diminish our confidence in South Africa Market through out this process.”
Meanwhile, Bidvest Group has relaunched the disposal process for Bidvest Bank and is exploring alternative options.
The termination highlights the complexities and challenges associated with cross-border transactions and regulatory approvals.
