The planned R2.8 billion sale of Bidvest Bank to Nigerian lender Access Bank has collapsed after the parties failed to meet key conditions attached to the transaction, marking a setback in Bidvest’s strategy to exit parts of its financial services portfolio. The acquisition agreement signed in December 2024 would have seen Access Bank purchase the full share capital of Bidvest Bank Holdings Limited, a move intended to allow Bidvest to focus on its core operations while using the proceeds to reduce existing debt.
Bidvest Bank operates as a full-service institution providing foreign exchange, fleet management, and a range of business and personal banking products. Access Bank, which serves more than 60 million customers through about 700 branches across 23 countries, has been pursuing expansion across African markets as part of a broader consolidation trend in the continent’s banking sector. As reported by Reuters, cross-border acquisitions by African banks have accelerated in recent years as lenders seek scale, diversified revenue streams and access to faster-growing regional markets.
In an update to shareholders, Bidvest indicated that the agreement was subject to customary conditions precedent, including regulatory approvals. While both parties worked to secure the necessary clearances, Access Bank did not satisfy certain requirements by the agreed long-stop date, resulting in the automatic termination of the transaction. Bidvest maintained that the strategic logic behind restructuring its financial services division and disposing of selected assets remains unchanged and confirmed that it has relaunched the sale process with the aim of shortening future transaction timelines.
The group reinstated itself as the sole shareholder of Bidvest Bank and said it would continue to support the institution to preserve financial strength and operational stability during the transition. Bidvest added that the bank remains well capitalised, with prudential ratios comfortably above regulatory minimums, and that employee welfare and service continuity for clients remain priorities. According to Bloomberg, South African banks continue to operate under relatively stringent capital and liquidity frameworks compared with many emerging-market peers, providing a buffer during ownership transitions.
Despite the collapse of the Access Bank transaction, Bidvest has agreed to sell its insurance arm, Bidvest Life, to a private equity-led financial services consortium. That disposal remains subject to outstanding regulatory approvals, with the parties working to complete the process. Both Bidvest Bank and Bidvest Life will continue to be classified as disposal groups held for sale in the company’s financial statements for the year ended June 2025, consistent with prior reporting.
The company noted that the disposals do not constitute categorised transactions under the JSE’s listing requirements and that the disclosure is voluntary. The latest developments follow Bidvest’s earlier divestment of FinGlobal Migration, a business serving South African emigrants, which was sold to Momentum for R200 million as part of its ongoing retreat from non-core financial services assets.