Access Bank has confirmed the collapse of its proposed acquisition of South Africa’s Bidvest Bank, ending a transaction that was anticipated to deepen the Nigerian lender’s footprint in Southern Africa.
The affirmation was disclosed in an announcement signed by the Bank’s Firm Secretary, Sunday Ekwochi, on Tuesday, February 10, 2026.
The deal concerned Access Bank’s plan to accumulate a 100 per cent stake in Bidvest Bank as a part of its broader African enlargement technique.
Based on the assertion, the transaction couldn’t be accomplished earlier than the agreed deadline, as not all required situations have been glad.
The event follows an earlier disclosure by Bidvest Group, the dad or mum firm of Bidvest Bank, which introduced the termination of the transaction after regulatory and different situations precedent weren’t met.
What they’re saying
Access Bank mentioned the expiration of the long-stop date with out completion introduced the proposed acquisition to an finish, stressing that the end result was not a mirrored image of diminished curiosity within the South African market.
- “The Bank has proposed to accumulate 100 per cent of Bidvest Bank in a transaction that commenced on December 12, 2024,” Access Bank mentioned within the assertion.
- “The long-stop date by which all situations required to finish the transaction expired on January 26, 2026, and sure situations, together with regulatory situations, weren’t absolutely met.”
- The Bank added that “the end result displays the complexities and prolonged timelines related to multi-jurisdictional regulatory and transactional processes, fairly than any change within the Bank’s strategic intent or evaluation of the South African market.”
Access Bank famous that it stays dedicated to its long-term development technique throughout Africa, regardless of the setback.
Backstory
The affirmation by Access Bank follows an announcement made on Monday by Bidvest Group, which disclosed that the Nigerian lender didn’t fulfil sure customary situations precedent, together with regulatory approvals, by the agreed long-stop date.
Because of this, the transaction was formally terminated.
Bidvest Group, which is listed on the Johannesburg Inventory Change, mentioned the collapse of the deal marked the top of a course of that was anticipated to considerably increase Access Bank’s operations in Southern Africa.
The group additionally confirmed that it has relaunched the disposal course of for Bidvest Bank.
Regardless of the termination, Bidvest maintained that the restructuring of Bidvest Monetary Companies stays sound and that its determination to get rid of the bank continues to be a strategic crucial.
The group mentioned it stays assured in its capacity to execute the disposal efficiently and can search to speed up transaction timelines going ahead.
Extra insights
Reacting to the event, Access Bank’s Managing Director, Roosevelt Ogbonna, mentioned the lender stays engaged with stakeholders and continues to discover potential choices relating to the transaction.
He emphasised that the end result doesn’t weaken the bank’s confidence in South Africa’s monetary system.
“This preliminary end result doesn’t diminish our confidence in South Africa’s monetary ecosystem,” Ogbonna mentioned.
He added that Access Bank stays centered on “constructing Africa’s most revered monetary establishment, strengthening our commerce finance capabilities and delivering long-term worth to prospects, companions and communities throughout all our markets.”
Following the collapse of the deal, Bidvest mentioned it has reinstated itself as the only real shareholder of Bidvest Bank.
The group mentioned it can proceed to assist the bank to make sure stability throughout the transition interval, stressing that Bidvest Bank stays financially wholesome, well-capitalised, and operationally sound.
What it is best to know
The failed Bidvest Bank acquisition comes at the same time as Access Bank continues to make progress with its worldwide enlargement technique.
- In July 2025, Access Bank, by its wholly owned subsidiary, Access Bank UK Restricted, accomplished the acquisition of a 76 per cent majority stake in AfrAsia Bank Restricted, a Mauritius-based industrial bank.
- The AfrAsia transaction acquired all required regulatory approvals from the Bank of Mauritius and the Monetary Companies Fee.
- AfrAsia Bank, which is headquartered within the Mauritius Worldwide Monetary Centre, additionally maintains a consultant workplace in South Africa, serving shoppers throughout a number of high-growth markets.
- That acquisition expanded Access Bank UK’s worldwide community, 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 construct a powerful international banking franchise anchored in Africa.
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