Access Holdings’ attempt to deepen its footprint in South Africa has encountered a procedural setback after the long-stop date for its proposed acquisition of Bidvest Bank expired without completion.
The Nigerian financial services group confirmed that the deadline for meeting conditions tied to the planned acquisition, initially announced in December 2024, passed on January 26, 2026, without all requirements being satisfied, including certain regulatory approvals. The transaction involved Access Bank, the group’s flagship banking subsidiary, acquiring 100 per cent of the South African lender.
While the lapse does not formally terminate the deal, it highlights the increasingly intricate approval processes confronting banks seeking regional expansion, particularly in jurisdictions with stringent prudential and competition oversight.
Access Bank has built much of its growth strategy around pan-African expansion, positioning itself as a trade finance intermediary linking African markets with global capital flows. South Africa, the continent’s most sophisticated banking market, represents both a strategic gateway and a reputational milestone for Nigerian lenders seeking broader international credibility.
Roosevelt Ogbonna, managing director of Access Bank, emphasised that the expiry of the long-stop date should not be interpreted as diminished commitment to the market. He said discussions with stakeholders remain ongoing as the bank explores possible pathways to completing 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.
“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. We thank the Board and Management of Bidvest for their patience and support throughout this process,” he stated.
