Bidvest Group has restarted the sale of Bidvest Bank after its deal with Access Bank collapsed.
On Monday, the Johannesburg-listed company confirmed the termination of the agreement.
However, both parties failed to secure all required regulatory approvals before the deadline.
Deal Collapse Ends Expansion Plan
As a result, the decision ends a transaction that started in 2024.
Earlier, Bidvest said the sale depended on standard conditions, including regulatory approvals.
Specifically, regulators in South Africa and Nigeria had to approve the deal.
But the parties did not obtain these approvals before the contractual long-stop date.
“It is unfortunate that certain conditions were not fulfilled by Access Bank,” Bidvest said.
Therefore, the group ended the transaction.
Bidvest Restarts Sale Process
Now, Bidvest has relaunched the disposal process and is considering other buyers.
At the same time, the company says it remains confident it can complete the sale.
It also plans to speed up timelines during the next phase.
Meanwhile, Bidvest says its broader financial services restructuring remains on track.
The group still considers the bank’s sale a strategic priority.
In addition, the company has reassured stakeholders about the bank’s financial health.
It says Bidvest Bank remains stable and well capitalised.
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All key ratios still stand above minimum regulatory requirements.
For now, the bank continues normal operations during the renewed sale process.
Bidvest says staff welfare and client service remain key priorities.
Access Bank Expands Elsewhere
Earlier, the parties announced the original agreement in 2024.
Under the plan, Access Bank would acquire 100% of Bidvest Bank.
They valued the transaction at about ₦238.75 billion, or R2.8 billion.
Initially, they targeted completion for the second half of 2025.
However, regulatory bottlenecks slowed the process.
Authorities in both countries needed to approve the deal.
If the deal had closed, Access Bank would have merged Bidvest Bank with its unit.
Then, the combined entity would support expansion across Southern Africa.
For Access Bank, the collapse marks a pause rather than a retreat.
Despite the setback, the group continues to grow its international presence.
In July 2025, it acquired a majority stake in AfrAsia Bank.
The bank completed the purchase through its UK subsidiary.
Regulators in Mauritius approved that transaction.
Consequently, the deal added AfrAsia to Access Bank’s international network.
Today, that network spans London, Dubai, Paris, Hong Kong, Malta, and Lagos.
For now, Bidvest focuses on finding a new buyer.
Ultimately, the collapse highlights the complexity of cross-border banking deals.
