The Access Holdings PLC has given an update on its bid to acquire Bidvest Bank, South Africa. The transaction which began with a submission to the Nigerian Exchange Limited on December 12, 2024 was not successful following the expiration of the long-stop date for the proposed acquisition of Bidvest Bank, South Africa by the Company’s banking subsidiary, Access Bank Plc.
The public announcement made by the Company Secretary, Sunday Ekwochi indicated that ‘The Bank had proposed to acquire 100 per cent of Bidvest Bank in a transaction that commenced on December 12, 2024. 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 outcome reflects the complexities and extended timelines associated with multijurisdictional regulatory and transactional processes, rather than any change in the Bank’s strategic intent or assessment of the South African market”
Commenting on the development, the Bank’s Managing Director, Mr. Roosevelt Ogbonna said: “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,” Ogbonna concluded.