Undeterred: Access Bank Doubles Down on South Africa Despite Bidvest Deal Collapse

Africa’s largest bank, Nigeria’s Access Bank, has made it clear that a major setback won’t derail its ambitions in South Africa. A high-profile R2.8 billion deal to acquire Bidvest Bank has officially lapsed after failing to secure regulatory approvals by the deadline of 26 January 2026. Despite this, Access Bank’s leadership is striking a defiantly optimistic tone, reaffirming its long-term commitment to the South African market.

The proposed acquisition, announced in December 2024, would have significantly expanded Access Bank’s footprint, granting it Bidvest Bank’s R6 billion loan book and R8 billion deposit base. The deal was also structured to include broad-based black economic empowerment (BEE) ownership. However, the complexities of cross-border regulatory processes ultimately stalled the transaction.

“Not a Reflection of Our Confidence”

Access Bank Managing Director Roosevelt Ogbonna was quick to frame the outcome as a procedural hurdle, not a strategic retreat. “This initial outcome does not diminish our confidence in South Africa’s financial ecosystem,” he stated. He emphasised that the bank remains “constructively engaged” to find a potential path forward and is still focused on building “Africa’s most respected financial institution” with South Africa as a key pillar.

The bank is no stranger to the local landscape. Its existing South African operation stems from the 2021 acquisition of Grobank (formerly Bank of Athens), which it has transformed from an agricultural-focused lender into a retail and commercial banking entity with offices in Sandton.

Bidvest’s Strategic Pivot Continues

For Bidvest, the deal’s collapse means the search for a new buyer for Bidvest Bank continues. The financial services division, however, is not at a standstill. The group has successfully agreed to sell its emigration specialist, FinGlobal, to the Momentum Group for R200 million, with all staff retained. Additionally, a separate deal to sell Bidvest Life to a private equity consortium is progressing, pending regulatory approvals.

These disposals signal Bidvest’s ongoing strategy to streamline its portfolio and focus on its core industrial services and trading operations, using the proceeds to pay down debt.

The Bigger Picture: African Banking Giants Betting on SA

The episode underscores a broader trend: major pan-African banking groups like Access Bank view South Africa’s sophisticated financial market as indispensable, even when navigating its regulatory complexities is challenging. While the prized Bidvest Bank asset remains out of reach for now, Access Bank’s resolve suggests this is merely a pause, not an end, to its expansion plans. For South Africa’s banking sector, it reaffirms that international players are still betting big on its future, ready to play the long game.

{Source: BusinessTech}

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