Access Bank’s Bidvest Bank Acquisition Collapses Over Regulatory Approvals
In a major setback for pan-African banking expansion, Access Bank Plc’s planned acquisition of South Africa’s Bidvest Bank has collapsed after the Nigerian lender failed to secure all required regulatory approvals within agreed timelines, sources confirmed.
The deal first announced in December 2024 and valued at approximately R2.8 billion would have seen Access Bank acquire 100 per cent stake in Bidvest Bank, marking one of the most ambitious cross-border banking mergers involving a Nigerian financial institution in recent years.
Officials said Access Bank had executed the sale agreement and was awaiting final regulatory clearances, including from the Central Bank of Nigeria (CBN), which retains oversight of local banking groups regardless of the transaction’s foreign domicile. However, with the regulatory approvals not secured by the contract’s long-stop date, the agreement was ultimately terminated.
CBN Governor Mr. Olayemi Cardoso, noting that his reputation for strict adherence to regulatory process was instrumental in the outcome. “He is a stickler to process,” the insider said, suggesting that the lack of approval was not a reflection of commercial doubt but regulatory requirement.
While Access Bank had been confident the necessary approvals would be obtained, the failure to fulfil all contractual and regulatory conditions halted progress. According to Bidvest’s disclosure to shareholders, regulatory approval was one of the key conditions precedent, and without it the transaction could not be completed.
The collapse of the deal carries broader implications for Nigeria-South Africa economic relations. Analysts had interpreted the deal as a sign of strengthening bilateral financial cooperation, reinforcing confidence in African cross-border investments after periods of diplomatic strain. The inability to close the transaction may be seen as a diplomatic and business disappointment.
Bidvest Group the Johannesburg-listed conglomerate divesting its financial services arm has already revived the sale process as it seeks new buyers for Bidvest Bank, stating confidence that the bank remains financially sound with adequate capitalisation and that a future sale remains possible.
For Access Bank, the collapse is a strategic blow. The Nigerian lender has for years pursued an aggressive expansion strategy across Africa, including the acquisition of Grobank in South Africa in 2021 and National Bank of Kenya in 2025. A successful Bidvest acquisition would have further solidified its footprint in the Southern African market and enhanced its capacity for cross-border trade finance and corporate banking.
Despite this setback, both parties have maintained that ongoing discussions and market interest could still pave the way for a revived transaction, albeit subject to regulatory timelines and compliance. Access Bank continues operations in South Africa through its subsidiary and remains committed to strengthening its governance and compliance frameworks to meet regional requirements.
As of now, analysts say the key takeaway is that regulatory compliance remains a critical phase in cross-border financial deals, and banks seeking to scale internationally must align local and foreign oversight mechanisms well ahead of contractual deadlines.
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