Access Holdings Plc has provided an update on its proposed acquisition of South Africa’s Bidvest Bank, confirming that the long-stop date for the transaction has expired without completion due to unmet regulatory and transactional conditions.
The banking group, through its subsidiary Access Bank Plc, had announced plans in December 2024 to acquire 100 per cent of Bidvest Bank as part of its expansion strategy in Southern Africa. However, the long-stop date for the completion of the deal elapsed on January 26, 2026, with some conditions precedent, including regulatory approvals, still outstanding.
According to the company, the development reflects the complexities and extended timelines often associated with multi-jurisdictional regulatory processes and cross-border financial transactions, rather than any shift in Access Bank’s strategic outlook on the South African market.
Commenting on the update, Access Bank’s Managing Director and Chief Executive Officer, Roosevelt Ogbonna, said the bank remains engaged with stakeholders to explore potential pathways to complete the transaction.
“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure. This initial outcome does not diminish our confidence in South Africa’s financial ecosystem,” Ogbonna said.
He added that Access Bank remains committed to its broader Pan-African growth strategy, with a focus on strengthening trade finance capabilities and delivering long-term value to customers, partners, and communities across its markets.
“We remain focused on building Africa’s most respected financial institution, strengthening our trade finance capabilities, and delivering long-term value across all our markets,” he stated.
Access Holdings also expressed appreciation to the Board and Management of Bidvest Bank for their support and cooperation throughout the transaction process.
The proposed acquisition forms part of Access Bank’s broader expansion drive to deepen its footprint across Africa and enhance its role in facilitating intra-African trade and cross-border financial services.