Access Holdings’ Bid to Acquire South Africa’s Bidvest Bank Stalls as Long-Stop Date Expires
Access Holdings’ Bid to Acquire South Africa’s Bidvest Bank Stalls as Long-Stop Date Expires
Access Holdings Plc has announced that the proposed acquisition of South Africa’s Bidvest Bank by its subsidiary, Access Bank Plc, has stalled following the expiration of the transaction’s long-stop date without completion.
In a notice to the Nigerian Exchange Limited (NGX), the Company disclosed that the long-stop date of January 26, 2026, elapsed with certain key conditions— including regulatory approvals—yet to be fully satisfied.
The acquisition process, which commenced on December 12, 2024, was aimed at securing 100 per cent ownership of Bidvest Bank as part of Access Bank’s strategic expansion into the South African market.
According to Access Holdings, the inability to close the deal within the stipulated timeframe reflects the complexities and extended timelines associated with multijurisdictional regulatory and transactional processes, rather than any shift in its strategic ambition or confidence in the South African financial market.
Commenting on the development, Managing Director of Access Bank Plc, Mr. Roosevelt Ogbonna, reaffirmed the Bank’s commitment to the transaction and its broader continental growth agenda.
“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,” Ogbonna said.
He added 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.
The Bank also expressed appreciation to the Board and Management of Bidvest Bank for their patience and support throughout the process.
The development marks a temporary setback in Access Holdings’ expansion drive, which has seen the financial group deepen its footprint across Africa and other international markets in recent years. However, the company maintains that discussions are ongoing as it explores possible pathways to finalise the deal.
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