Access Bank Bidvest deal

Bidvest Group Ltd., the South African distribution giant led by Mpumi Madisa, has relaunched the sale of its banking subsidiary after a $157 million proposed acquisition by Nigeria’s Access Bank Plc collapsed, underscoring the regulatory complexity shaping cross-border banking deals in Africa.

The South African conglomerate said the transaction failed to close after Access Bank was unable to meet key regulatory conditions by the contractually agreed long-stop date.

Why the Access Bank deal collapsed
Those conditions, embedded in the sale and purchase agreement, were mandatory for completion and automatically triggered termination when unmet.

The failed transaction ends what would have been a significant expansion of Access Bank into South Africa, one of Africa’s most tightly regulated banking markets.

Both parties had worked toward securing approvals, Bidvest said, but timing and regulatory alignment proved decisive.

Despite the setback, Bidvest emphasized that Bidvest Bank remains financially sound and operationally stable.

Bidvest Bank remains financially stable
The group said the lender is adequately capitalised, with key ratios well above regulatory minimums, and that employee welfare and service delivery remain priorities during the transition. Bidvest added that the disposal of its financial services assets remains a strategic imperative.

As a result, the group has relaunched the sale process for Bidvest Bank and aims to accelerate transaction timelines with new potential buyers.

Bidvest restarts strategic bank disposal
In a parallel development, Bidvest confirmed it has agreed to sell 100 percent of Bidvest Life to a private equity-led financial services consortium, subject to regulatory approvals.

Both Bidvest Bank and Bidvest Life will continue to be classified as disposal groups held for sale in the group’s consolidated financial statements.

The collapse of the Access Bank deal highlights the growing challenges facing African banking acquisitions, where regulatory approvals, jurisdictional alignment, and execution risk increasingly outweigh valuation and strategic fit.