Access Bank has confirmed the collapse of its proposed acquisition of South Africa’s Bidvest {Bank}, ending a transaction that was anticipated to deepen the Nigerian lender’s footprint in Southern Africa.
The affirmation was disclosed in a press release signed by the {Bank}’s Firm Secretary, Sunday Ekwochi, on Tuesday, February 10, 2026.
The deal concerned Access Bank’s plan to accumulate a 100 per cent stake in Bidvest {Bank} as a part of its broader African enlargement technique.
In line with the assertion, the transaction couldn’t be accomplished earlier than the agreed deadline, as not all required circumstances have been happy.
The event follows an earlier disclosure by Bidvest Group, the dad or mum firm of Bidvest {Bank}, which introduced the termination of the transaction after regulatory and different circumstances precedent weren’t met.
Access Bank mentioned the expiration of the long-stop date with out completion introduced the proposed acquisition to an finish, stressing that the result was not a mirrored image of diminished curiosity within the South African market.
Access Bank famous that it stays dedicated to its long-term development technique throughout Africa, regardless of the setback.
The affirmation by Access Bank follows an announcement made on Monday by Bidvest Group, which disclosed that the Nigerian lender didn’t fulfil sure customary circumstances precedent, together with regulatory approvals, by the agreed long-stop date.
Consequently, the transaction was formally terminated.
Bidvest Group, which is listed on the Johannesburg Inventory Change, mentioned the collapse of the deal marked the top of a course of that was anticipated to considerably develop Access Bank’s operations in Southern Africa.
The group additionally confirmed that it has relaunched the disposal course of for Bidvest {Bank}.
Regardless of the termination, Bidvest maintained that the restructuring of Bidvest {Financial} Companies stays sound and that its determination to eliminate the {bank} continues to be a strategic crucial.
The group mentioned it stays assured in its capability to execute the disposal efficiently and can search to speed up transaction timelines going ahead.
Reacting to the event, Access Bank’s Managing Director, Roosevelt Ogbonna, mentioned the lender stays engaged with stakeholders and continues to discover potential choices concerning the transaction.
He emphasised that the result doesn’t weaken the {bank}’s confidence in South Africa’s {financial} system.
“This preliminary consequence doesn’t diminish our confidence in South Africa’s {financial} ecosystem,” Ogbonna mentioned.
He added that Access Bank stays centered on “constructing Africa’s most revered {financial} establishment, strengthening our commerce finance capabilities and delivering long-term worth to prospects, companions and communities throughout all our markets.”
Following the collapse of the deal, Bidvest mentioned it has reinstated itself as the only shareholder of Bidvest {Bank}.
The group mentioned it would proceed to assist the {bank} to make sure stability through the transition interval, stressing that Bidvest {Bank} stays financially wholesome, well-capitalised, and operationally sound.
The failed Bidvest {Bank} acquisition comes whilst Access Bank continues to make progress with its worldwide enlargement technique.
The group has described the AfrAsia deal as a key step in reinforcing its ambition to construct a robust world banking franchise anchored in Africa.
