The planned acquisition of South Africa’s Bidvest Bank by Nigeria’s Access Bank has collapsed after the Nigerian lender failed to meet key conditions tied to regulatory approvals by the agreed deadline, Bidvest Group has confirmed.
The transaction, originally announced in December 2024, was valued at approximately R2.8 billion and was poised to significantly strengthen Access Bank’s presence in the South African market. However, regulators particularly on the Nigerian side did not complete all required approvals, leading to the termination of the sale.
Bidvest said the deal’s collapse was not due to resistance from South African regulatory authorities or a lack of willingness to proceed, but rather because certain conditions were not fulfilled by Access Bank by the contractually agreed long-stop date. As a result, the transaction has been terminated, and Bidvest remains the sole shareholder of Bidvest Bank.
The collapse has prompted Bidvest to relaunch the sale process for the bank, with the company expressing confidence that it can still find a suitable buyer and accelerate transaction timeframes. Despite the setback, Bidvest said it will continue to support Bidvest Bank to ensure it remains financially sound and operationally stable.
Bidvest Bank, a full-service institution offering foreign exchange, fleet, business and personal financial products, remains adequately capitalised with key financial ratios above regulatory minimums, the group added.
The failed takeover was seen as a strategic move by Access Bank to deepen its footprint in South Africa a key gateway market and expand its regional footprint across the Southern African Development Community (SADC). It also formed part of a broader trend of Nigerian banks seeking expansion through acquisitions in neighbouring markets.
As things stand, Bidvest Bank’s disposal remains in motion under a renewed process, while Access Bank continues to focus on other international expansion efforts, including recent acquisitions in other African markets.
