Access Holdings Plc has announced that its proposed acquisition of Bidvest Bank has not been completed, as the long-stop date for the transaction expired without all required conditions being fulfilled.
In a notice to the Nigerian Exchange Limited (NGX), the financial services group said the long-stop date for the acquisition expired on January 26, 2026, with certain conditions precedent, including regulatory approvals, remaining outstanding.
Access Holdings explained that the transaction, which commenced on December 12, 2024, involved a proposal by its banking subsidiary, Access Bank Plc, to acquire 100 per cent equity stake in the South Africa-based Bidvest Bank. However, the conditions required to complete the deal were not fully met within the agreed timeline.
The group noted that the development reflects the complexities and extended timelines often associated with multi-jurisdictional regulatory and transaction processes, rather than any shift in the bank’s strategic assessment of the South African market.
Commenting on the outcome, Managing Director of Access Bank, Roosevelt Ogbonna, said the bank remains constructively engaged with stakeholders in exploring a potential path to completing the transaction.
He said the initial outcome does not diminish the group’s confidence in South Africa’s financial ecosystem, adding that Access Bank remains focused on building Africa’s most respected financial institution, strengthening its trade finance capabilities, and delivering long-term value to customers, partners and communities across its markets.
Access Holdings also expressed appreciation to the board and management of Bidvest Bank for their patience and support throughout the transaction process.
