Access Bank has confirmed the collapse of its proposed acquisition of South Africa’s Bidvest Bank, ending a transaction that was expected to deepen the Nigerian lender’s footprint in Southern Africa.
The confirmation was disclosed in a statement signed by the Bank’s Company Secretary, Sunday Ekwochi, on Tuesday, February 10, 2026.
The deal involved Access Bank’s plan to acquire a 100 per cent stake in Bidvest Bank as part of its broader African expansion strategy.
According to the statement, the transaction could not be completed before the agreed deadline, as not all required conditions were satisfied.
The development follows an earlier disclosure by Bidvest Group, the parent company of Bidvest Bank, which announced the termination of the transaction after regulatory and other conditions precedent were not met.
What they are saying
Access Bank said the expiration of the long-stop date without completion brought the proposed acquisition to an end, stressing that the outcome was not a reflection of diminished interest in the South African market.
- “The Bank has proposed to acquire 100 per cent of Bidvest Bank in a transaction that commenced on December 12, 2024,” Access Bank said in the statement.
- “The long-stop date by which all conditions required to complete the transaction expired on January 26, 2026, and certain conditions, including regulatory conditions, were not fully met.”
- The Bank added that “the outcome reflects the complexities and extended timelines associated with multi-jurisdictional regulatory and transactional processes, rather than any change in the Bank’s strategic intent or assessment of the South African market.”
Access Bank noted that it remains committed to its long-term growth strategy across Africa, despite the setback.
Backstory
The confirmation by Access Bank follows an announcement made on Monday by Bidvest Group, which disclosed that the Nigerian lender did not fulfil certain customary conditions precedent, including regulatory approvals, by the agreed long-stop date.
As a result, the transaction was formally terminated.
Bidvest Group, which is listed on the Johannesburg Stock Exchange, said the collapse of the deal marked the end of a process that was expected to significantly expand Access Bank’s operations in Southern Africa.
The group also confirmed that it has relaunched the disposal process for Bidvest Bank.
Despite the termination, Bidvest maintained that the restructuring of Bidvest Financial Services remains sound and that its decision to dispose of the bank continues to be a strategic imperative.
The group said it remains confident in its ability to execute the disposal successfully and will seek to accelerate transaction timelines going forward.
More insights
Reacting to the development, Access Bank’s Managing Director, Roosevelt Ogbonna, said the lender remains engaged with stakeholders and continues to explore potential options regarding the transaction.
He emphasised that the outcome does not weaken the bank’s confidence in South Africa’s financial system.
“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 our trade finance capabilities and delivering long-term value to customers, partners and communities across all our markets.”
Following the collapse of the deal, Bidvest said it has reinstated itself as the sole shareholder of Bidvest Bank.
The group said it will continue to support the bank to ensure stability during the transition period, stressing that Bidvest Bank remains financially healthy, well-capitalised, and operationally sound.
What you should know
The failed Bidvest Bank acquisition comes even as Access Bank continues to make progress with its international expansion strategy.
- In July 2025, Access Bank, through its wholly owned subsidiary, Access Bank UK Limited, completed the acquisition of a 76 per cent majority stake in AfrAsia Bank Limited, a Mauritius-based commercial bank.
- The AfrAsia transaction received all required regulatory approvals from the Bank of Mauritius and the Financial Services Commission.
- AfrAsia Bank, which is headquartered in the Mauritius International Financial Centre, also maintains a representative office in South Africa, serving clients across several high-growth markets.
- That acquisition expanded Access Bank UK’s international network, which already spans London, Dubai, Paris, Hong Kong, Malta, and Lagos.
The group has described the AfrAsia deal as a key step in reinforcing its ambition to build a strong global banking franchise anchored in Africa.
