Access Bank’s Bid for Bidvest Bank Unravels as South Africa Sale Process Reopens

Story: Written by Myra February 10,2026
Access Bank Plc’s plan to acquire Bidvest Bank has collapsed after the Nigerian lender failed to meet key conditions within the agreed timeline, dealing a blow to its expansion ambitions in South Africa.
Bidvest Group confirmed on Monday that it has terminated the transaction and reopened discussions with other interested buyers for its banking subsidiary. The conglomerate said both parties had worked toward securing regulatory and other approvals, but the deal could not be concluded before the contractual longstop date.
“It is regrettable that certain conditions were not satisfied by Access Bank within the agreed timeframe, leading to the termination of the agreement,” Bidvest said.
The group assured stakeholders that Bidvest Bank remains well-capitalised and operationally sound, adding that it will continue to provide support to the lender while a fresh sale process is pursued.
Bidvest reiterated that its exit from financial services is unchanged, describing the divestment of its banking unit as a strategic move to refocus on its core and more profitable businesses. The group had agreed in December 2024 to sell Bidvest Bank to Access Bank in a deal valued at about R2.8 billion.
The proposed acquisition had, however, attracted caution from ratings agencies. Moody’s recently downgraded Bidvest Bank’s credit ratings, pointing to uncertainty surrounding the transaction and concerns about reduced parental backing following a potential change in ownership.
Access Bank entered the South African market in 2021 after acquiring Grobank but remains a relatively small player in the country’s banking industry. The collapse of the Bidvest deal comes amid reports of internal restructuring at Access Bank South Africa, including the planned exit of its chief executive and the departure of other top executives.
Bidvest also disclosed that it is proceeding with the sale of its life insurance subsidiary, Bidvest Life, to a private equity-backed consortium, subject to regulatory approvals and customary closing conditions.
The group expressed confidence that it will complete the disposal of its financial services assets and fast-track transactions as it sharpens its focus on core operations.