Access Holdings Plc has disclosed that it failed to meet key conditions and the stipulated deadline required to complete the acquisition of South Africa’s Bidvest Bank.
The update was contained in a corporate filing signed by the company’s secretary, Sunday Ekwochi, and submitted to the Nigerian Exchange Limited (NGX) on Tuesday.
Recall that on December 12, 2024, Access Holdings announced that its banking arm, Access Bank Plc, had reached a binding agreement with Bidvest Group Limited to acquire a 100 per cent equity stake in Bidvest Bank Limited, with the deal expected to be completed in the second half of 2025, pending regulatory approvals.
However, in its latest disclosure, the financial services group revealed that the long-stop date for completing the transaction has elapsed without the deal being finalised. According to the company, some critical conditions, including regulatory clearances, were not fully satisfied before the deadline.
“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 statement said.
“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.”
Commenting on the development, Roosevelt Ogbonna, Managing Director of Access Bank, noted that the group remains in talks with relevant stakeholders to explore possible ways of completing the transaction.
“This initial outcome does not diminish our confidence in South Africa’s financial ecosystem. We remain 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,” Ogbonna said.
“We thank the Board and Management of Bidvest for their patience and support throughout this process.”
It will be recalled that on May 15, 2025, the Chairman of Access Holdings, Aigboje Aig-Imoukhuede, announced that the company planned to slow down its expansion strategy in order to consolidate its recent acquisitions across its operational markets.