Abayomi Susan
Access Holdings Plc has reiterated its commitment to strengthening Africa’s financial sector while providing an update on its proposed acquisition of Bidvest Bank, South Africa.
In a disclosure to the Nigerian Exchange Limited, the Group confirmed that the transaction, which commenced on December 12, 2024, did not reach completion following the expiration of the long-stop date on January 26, 2026. The proposed acquisition by Access Bank Plc, a banking subsidiary of Access Holdings, could not be concluded as certain conditions precedent, including regulatory approvals, were not fully satisfied within the stipulated timeframe.
According to the public announcement signed by the Company Secretary, Sunday Ekwochi, the Bank had intended to acquire 100 per cent of Bidvest Bank. However, the outcome reflects the inherent complexities and extended timelines associated with multijurisdictional regulatory and transactional processes, rather than any shift in Access Bank’s strategic priorities or its positive outlook on the South African market.
Commenting on the development, the Managing Director/Chief Executive Officer of Access Bank, Mr. Roosevelt Ogbonna, stated that the Bank remains constructively engaged with relevant stakeholders to explore a potential path to completion. He emphasised that the development does not diminish Access Bank’s confidence in South Africa’s financial ecosystem or its broader Pan-African vision.
Ogbonna reaffirmed the Group’s focus on building Africa’s most respected financial institution, enhancing its trade finance capabilities, and delivering sustainable long-term value to customers, partners, and communities across its markets. He also expressed appreciation to the Board and Management of Bidvest for their patience and support throughout the process.
