Access Bank's South African Expansion Hit by Regulatory Roadblocks
Access Holdings Plc has officially confirmed that its subsidiary Access Bank Plc could not complete the proposed acquisition of Bidvest Bank in South Africa. The deal, which aimed to give Access Bank 100% ownership of the South African financial institution, has expired without fulfillment of all necessary conditions.
Regulatory Hurdles Derail Strategic Acquisition
In a statement published on its website on Tuesday, February 10, 2026, Access Bank revealed that the transaction's long-stop date of January 26, 2026, passed without obtaining all required regulatory approvals. The bank emphasized that this outcome reflects the complexities of multi-jurisdictional regulatory processes rather than any change in strategic direction.
The acquisition process began on December 12, 2024, with Access Bank proposing to acquire Bidvest Bank entirely. However, certain conditions, particularly those involving regulatory clearances, were not fully met by the contractual deadline, leading to the deal's termination.
Bank Leadership Remains Optimistic About African Expansion
Access Bank Managing Director Roosevelt Ogbonna commented on the development, stating that the bank remains constructively engaged with stakeholders to find potential paths forward. He emphasized that this setback does not diminish the bank's confidence in South Africa's financial ecosystem.
"We remain focused on building Africa's most respected financial institution," Ogbonna said. "This includes strengthening our trade finance capabilities and delivering long-term value to customers, partners, and communities across all our markets."
Both Parties Acknowledge Transaction Challenges
Bidvest Bank issued a similar statement confirming that both organizations worked actively to secure necessary regulatory approvals but were unable to conclude the transaction within the agreed timeframe. The South African bank noted that certain conditions were not fulfilled by Access Bank by the deadline, resulting in the termination of the acquisition agreement.
Despite this setback, Access Bank has reaffirmed its commitment to exploring opportunities for expansion across Africa while reinforcing existing operations in key markets. The bank's strategic intent to establish a stronger presence in South Africa remains unchanged, though the timeline has been affected by regulatory complexities.
Contrasting Success in Kenyan Market
This development comes shortly after Access Bank successfully completed the acquisition of National Bank of Kenya Limited (NBK) from KCB Group PLC. That transaction, which began in March 2024, received all necessary regulatory approvals and has been finalized, with Access Bank now owning 100% of NBK.
The contrasting outcomes highlight the varying regulatory landscapes across African markets and the challenges financial institutions face when pursuing cross-border expansion strategies. Access Bank will continue to operate NBK and Access Bank Kenya independently until all merger procedures are completed.
This failed acquisition represents a significant development in Nigeria's banking sector's international expansion efforts, demonstrating both the ambitions and challenges of establishing pan-African financial networks in today's complex regulatory environment.
