The South African group Bidvest has ended negotiations with the Nigerian Access Bank, after key conditions of the transaction were not met by the agreed deadline.
In a statement released on Monday, February 9th, Bidvest confirmed the official cancellation of the agreement and stated that it is now exploring options with other potential buyers for its banking subsidiary. The group emphasized that Bidvest Bank remains strong and operationally stable, and that this decision is part of its strategy to gradually withdraw from financial services and focus on its core and more profitable activities.
According to Bidvest, “despite efforts by both parties to obtain all necessary regulatory approvals, the transaction could not be finalized before the contractual deadline.”
The acquisition, first announced in December 2024 and valued at approximately 2.8 billion rands (174 million USD), was expected to significantly increase Access Bank’s size and influence in the South African market, where the bank remains a relatively modest player.
The failure comes as Access Bank’s South African subsidiary undergoes leadership changes and the Nigerian bank must comply with recapitalization requirements imposed by the Central Bank of Nigeria (CBN).
Bidvest also noted that the sale of its life insurance subsidiary, Bidvest Life, is still on track, subject to regulatory approvals and customary closing conditions, reaffirming its commitment to refocusing on its core activities.
