Access Bank’s ambition to deepen its pan-African footprint has suffered a setback following the collapse of its proposed acquisition of Bidvest Bank in South Africa.
The Nigerian lender, the country’s largest banks by infrastructure, had planned to acquire a 100 per cent equity stake in Bidvest Bank in a deal valued at approximately R2.8 billion. However, the transaction failed after Access Bank was unable to meet key conditions required to complete the acquisition within the agreed timeframe.
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Prior to the stalled deal, Access Bank operated in more than 15 African countries, including Ghana, Kenya, Rwanda, Zambia, and Mozambique. The bank also maintains subsidiaries in Angola, Botswana, Cameroon, the Democratic Republic of the Congo, The Gambia, Guinea, Sierra Leone, and Tanzania. Its presence in South Africa has, until now, been limited to its 2021 acquisition of Grobank, a relatively small player in the country’s banking sector.
The proposed takeover of Bidvest Bank was expected to significantly strengthen Access Bank’s position in South Africa’s competitive financial market. However, a statement issued by Bidvest Bank’s board and management confirmed that the deal was terminated after Access Bank failed to satisfy certain conditions by the contractually agreed deadline.
“The parties have been actively working together to secure the necessary approvals,” Bidvest said. “It is, however, unfortunate that certain conditions were not fulfilled by Access Bank by the agreed long-stop date, resulting in the termination of the transaction and the reopening of discussions with other potential buyers.”
Further clarification was provided by Access Holdings Plc in a disclosure to the Nigerian Exchange Limited, which stated that the long-stop date for the transaction expired on January 26, 2026, without completion. According to the group, some conditions precedent particularly regulatory approvals were not fully secured within the stipulated period.
The collapse of the deal has prompted scrutiny from financial analysts, some of whom have questioned whether Access Bank may be reassessing its appetite for the South African market. These concerns were amplified following a recent downgrade of Bidvest Bank’s credit ratings by Moody’s, which cited uncertainty surrounding the ownership transition and potential reductions in parental support after a change in control.
Roosevelt Ogbonna, Managing Director/CEO Access Bank
However, Access Bank has dismissed suggestions that the failed transaction reflects waning confidence in South Africa’s financial system. Speaking on the matter, Access Bank Managing Director Roosevelt Ogbonna said the bank remains committed to its long-term strategy in the region.
“We remain constructively engaged with all relevant stakeholders on this transaction in pursuit of a potential path to closure,” Ogbonna said. “This initial outcome does not in any way diminish our confidence in South Africa’s financial ecosystem.”
The failed acquisition represents a notable pause in Access Bank’s expansion drive and a glitch in its ability to seal a deal within a stipulated period.
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