By Abubakar Yunusa
Access Holdings Plc says it did not meet certain conditions and the deadline to acquire a South African financial institution, Bidvest Bank.
Sunday Ekwochi, Access Holdings’ secretary, announced in a corporate filing on the Nigerian Exchange Limited (NGX) on Tuesday.
On December 12, 2024, Access Holdings announced that its banking subsidiary, Access Bank Plc, had entered into a binding agreement with Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank Limited.
The company said the acquisition is expected to close in the second half of 2025, subject to regulatory approvals.
Providing the Nigerian stock market with an update, Access Holdings said the long-stop date for the proposed acquisition of Bidvest Bank by its banking subsidiary has expired without the completion of the transaction.
According to the company, the transaction could not be concluded after certain conditions, including regulatory approvals, were not fully met by the agreed 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 reads.
“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.”
Roosevelt Ogbonna, managing director (MD) of Access Bank, said the lender remains engaged with relevant stakeholders to explore a possible path to 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.”
On May 15, 2025, Aigboje Aig-Imoukhuede, chairman of Access Holdings, said the company will slow down its expansion drive as it consolidates recent acquisitions across its footprint.
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