Access Bank Reaffirms Pan-African Expansion Strategy as Bidvest Bank Acquisition Falls Through

Access Bank Reaffirms Pan-African Expansion Strategy as Bidvest Bank Acquisition Falls Through

Lagos, Nigeria – February 10, 2026 — Access Holdings Plc has reaffirmed its long-term commitment to Africa’s financial sector, despite the unsuccessful completion of its proposed acquisition of Bidvest Bank, South Africa, following the expiration of the transaction’s long-stop date.

In a regulatory update filed with the Nigerian Exchange Limited (NGX) and made available to the National Association of Online Security News Publishers (NAOSNP), the financial services group disclosed that the proposed acquisition, which commenced on December 12, 2024, could not be concluded as certain conditions precedent—particularly regulatory approvals—were not fully met before the January 26, 2026 deadline.

The statement, e-signed by the Company Secretary, Sunday Ekwochi, explained that Access Bank Plc had sought to acquire 100 per cent ownership of Bidvest Bank as part of its broader Pan-African expansion strategy. However, the expiration of the long-stop date brought the transaction to a close without completion.

According to the Group, 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 outlook or confidence in the South African financial market.

Commenting on the development, the Managing Director and Chief Executive Officer of Access Bank Plc, Mr. Roosevelt Ogbonna, stressed that the Bank remains engaged with relevant stakeholders in exploring a possible path to closure.

“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,” Ogbonna said.

He further reiterated the Bank’s broader vision, noting that Access Bank remains focused on building Africa’s most respected financial institution, strengthening its trade finance capabilities, and delivering sustainable long-term value to customers, partners, and communities across its operating markets.

Ogbonna also expressed appreciation to Bidvest Group, stating:

“We thank the Board and Management of Bidvest for their patience and support throughout this process.”

Despite the setback, Access Holdings maintained that South Africa remains a key strategic market within its continental growth agenda, underscoring its continued commitment to deepening financial inclusion and cross-border trade across Africa.