Access Holdings Plc said its proposed acquisition of South Africa’s Bidvest Bank has expired without completion, after the parties failed to secure all required regulatory approvals before the agreed deadline, underscoring the challenges of cross-border banking deals in Africa’s most regulated markets.
In a statement published on its website on Tuesday, the Nigerian financial group said the long-stop date for the transaction, January 26, 2026, passed without the fulfilment of all conditions precedent, particularly regulatory consents. The deal, first announced on December 12, 2024, would have seen Access Bank Plc, the group’s flagship commercial banking subsidiary, acquire 100 percent of Bidvest Bank.
“The Bank had proposed to acquire 100 percent of Bidvest Bank in a transaction that commenced on December 12, 2024,” Access Holdings said. “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.”
Access Bank said the outcome reflected the complexity and extended timelines associated with multi-jurisdictional regulatory processes, rather than any reassessment of its strategy or the attractiveness of the South African market. The group has been pursuing an aggressive expansion strategy across Africa over the past decade, positioning itself as a pan-African financial services champion with operations in more than a dozen countries.
Roosevelt Ogbonna, managing director and chief executive of Access Bank Plc, said the bank remained committed to expanding into South Africa and was continuing discussions with stakeholders on possible next steps.
“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure,” Mr Ogbonna said. “This initial outcome does not diminish our confidence in South Africa’s financial ecosystem.”
He added that the bank would remain focused on its broader continental ambitions. “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,” he said, thanking Bidvest’s board and management for their cooperation during the process.
Bidvest Group, the South African conglomerate that owns Bidvest Bank, confirmed that the transaction had been terminated after the long-stop date elapsed. In a separate statement cited by BusinessDay, the group said both parties had worked actively to obtain the necessary regulatory approvals but were unable to conclude the deal within the contractually agreed timeframe.
“Unfortunately, certain conditions were not fulfilled by Access Bank by the agreed deadline, resulting in the termination of the transaction,” Bidvest said.
The lapse of the Bidvest Bank deal comes at a time when African banks are increasingly seeking cross-border acquisitions to support trade, capture growth and diversify earnings, even as regulators tighten oversight of foreign ownership and systemic risk. South Africa’s banking sector is among the continent’s most sophisticated and tightly regulated, often requiring lengthy approval processes involving multiple authorities.
Despite the setback in South Africa, Access Bank has continued to make progress elsewhere on the continent. Separately, the bank confirmed that it has completed the acquisition of National Bank of Kenya Limited from KCB Group Plc, following the receipt of all regulatory approvals required for the transaction.
In a statement issued over the weekend, Access Bank said the acquisition marked the conclusion of a deal that began in March 2024. As a result, Access Bank Plc now owns 100 percent of National Bank of Kenya, which was previously controlled by KCB Group.
Until all merger and integration procedures are finalised, National Bank of Kenya and Access Bank Kenya will continue to operate as separate entities, the bank said.
The contrasting outcomes highlight both the opportunities and constraints facing Africa’s largest banking groups as they pursue regional expansion. While regulatory alignment has allowed some transactions to close, others remain vulnerable to delays and lapses, particularly in jurisdictions with complex approval regimes.
Access Bank said it would continue to explore opportunities to expand its footprint across Africa while reinforcing its operations in key existing markets, signalling that its long-term growth strategy remains intact despite the failed Bidvest Bank transaction.