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Access Bank Plc plan to acquire South Africa Bidvest Bank has collapsed after the Nigerian lender failed to meet agreed conditions before a contractual deadline, according to an announcement by Bidvest Group.
Bidvest Group, the parent company of Bidvest Bank, told shareholders Monday that the transaction would no longer proceed. The South African lender said Access Bank did not fulfil certain conditions by the agreed longstop date, leading to termination of the deal.
“It is unfortunate that certain conditions were not fulfilled by Access Bank plc by the contractually agreed longstop date, resulting in the termination of the transaction,” Bidvest said in a statement.
The group added that it has relaunched the disposal process and will seek new prospective buyers. It did not rule out renewed talks with Access Bank in the future if terms are favourable.
“Bidvest has now relaunched the disposal process. We remain confident in our ability to successfully execute this disposal and will endeavour to accelerate transaction timeframes,” the company said.
Access Bank has not issued an official statement explaining why the acquisition failed.
Sources familiar with the matter said the transaction did not receive approval from the Central Bank of Nigeria. According to the sources, regulatory clearance from the Nigerian apex bank was required for the cross border acquisition to proceed.
Discussions between the two banks began in 2024, with Access Bank seeking to expand its footprint in Southern Africa. Sources said Access had reached an agreement with Bidvest in anticipation that regulatory hurdles would be cleared, but approval did not materialise for several months.
The delay ultimately led to the termination of the agreement by the South African entity.
The failed deal represents a setback for Access Bank as it continues its expansion drive across the continent. In recent years, the lender has pursued acquisitions in several African markets as part of a broader strategy to grow its regional presence and diversify revenue streams.
Analysts say the collapse of the Bidvest transaction could carry wider implications for the bank expansion ambitions, particularly in Southern Africa. It may also reflect the complexities that accompany cross border banking transactions, where regulatory approvals from multiple jurisdictions are required.
The development could have ripple effects on broader Nigeria and South Africa economic relations, especially within the financial services sector, where institutions from both countries have sought deeper collaboration.
Bidvest indicated it will move swiftly to identify alternative buyers for its banking subsidiary, signalling that the asset remains available despite the breakdown in negotiations with Access Bank.
