SOUTH AFRICA : Access Bank Fails to Complete Acquisition of Bidvest Bank
La voix des entreprises 
(LVDE) — Initially announced in December 2024, the acquisition of 100% of Bidvest Bank’s share capital by Nigeria’s Access Bank has failed to materialize after regulatory conditions were not fulfilled within the agreed timeframe. The setback represents a blow to the bank’s pan-African expansion ambitions, although it says it remains committed to the South African market.
It is an unexpected setback for Access Bank Plc, one of the pillars of Africa’s banking sector. After more than a year of negotiations and joint efforts, the attempt to acquire full ownership of Bidvest Bank Limited collapsed on January 26, 2026, the contractual deadline set for completing the transaction.
Signed on December 12, 2024, between Access Holdings Plc — the parent company of the Nigerian banking group — and Bidvest Group Limited, the deal was intended to mark a major milestone in Access Bank’s expansion strategy across Africa. On paper, the transaction, valued at several billion South African rands, would have provided Nigeria’s leading bank with a gateway to the highly regulated and competitive South African market.
However, despite months of discussions and preparatory steps, certain key prerequisites were not met in time, notably the required regulatory approvals on both sides. The agreement stipulated that all conditions had to be satisfied before January 26, 2026. As this did not occur, the deal automatically lapsed without being finalized.
In its official communication, Access Holdings clarified that the failure was not due to a change in strategy but rather to the complexity of regulatory processes involving multiple jurisdictions. Financial authorities in several countries must approve such cross-border transactions, requiring coordination among central banks, competition authorities, and banking supervisors.
For Access Bank, which operates in more than 20 African countries and serves over 60 million customers, the setback primarily affects its continental roadmap. Nevertheless, the bank reaffirmed its confidence in the South African market and its intention to continue exploring growth opportunities, whether through alternative acquisitions or by strengthening its existing operations.
On the side of Bidvest Group, the termination of the transaction does not signal the end of its plan to divest from the financial sector. The company has relaunched the sale process for its banking subsidiary, hoping to identify a buyer capable of meeting all regulatory requirements within a reasonable timeframe.
The collapse of the deal highlights the challenges faced by major African banks when seeking to expand beyond their borders. While cross-border acquisitions are attractive for increasing market share and diversifying activities, they come with strict legal and regulatory constraints — particularly in countries such as South Africa, where banking regulation is considered among the most rigorous on the continent.
At a time when financial institutions are multiplying initiatives to strengthen African financial integration, this case serves as a reminder that integration depends as much on regulatory compliance as on strategic intent. Despite this setback, Access Bank remains positioned to pursue its ambitions, while South African authorities and potential future buyers continue to reshape the local banking landscape.
Sorelle Ninguem
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