Access Bank’s Bidvest Deal Expires; MD Roosevelt Ogbonna Reaffirms Pan-African Growth Strategy
By The People’s Voice Nigeria News
Access Bank Plc’s planned acquisition of South Africa’s Bidvest Bank has officially expired without completion, the Nigerian lender confirmed on Tuesday, citing regulatory and transactional challenges.
The transaction, first announced on December 12, 2024, aimed for Access Bank to acquire 100% ownership of Bidvest Bank. The long-stop date for meeting all required conditions, including regulatory approvals, expired on January 26, 2026, without the deal being finalized.
In a statement, the bank emphasized that the outcome reflects the complexities of cross-border banking transactions rather than a change in its strategic focus on the South African market.
Commenting on the development, the bank’s Managing Director, Mr. Roosevelt Ogbonna, said Access Bank remains committed to exploring potential paths to completion while advancing its broader Pan-African strategy.
“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,” Ogbonna said.
“We thank the Board and Management of Bidvest for their patience and support throughout this process.”
Industry analysts note that while the expiration of the deal may delay Access Bank’s immediate presence in South Africa, it does not diminish the bank’s long-term ambitions across the continent.
“Cross-border acquisitions in Africa often face regulatory and procedural hurdles,” said a banking analyst familiar with the transaction. “The fact that Access Bank remains engaged shows its commitment to the South African market and its broader continental strategy.”
Access Bank, one of Nigeria’s largest lenders, has been actively pursuing a regional growth strategy focused on enhancing trade finance operations, supporting cross-border commerce, and expanding its customer base across Africa.
Although the Bidvest acquisition has not closed, the bank’s statement reassures investors, customers, and stakeholders of its continued focus on Pan-African growth and long-term value creation.
Sunday Ekwochi, Company Secretary of Access Holdings Plc, formally signed off on the bank’s statement.
