Access Holdings Plc has confirmed that its flagship subsidiary, Access Bank Plc, has failed to complete its planned acquisition of Bidvest Bank Limited, drawing a line under one of the most closely watched Nigerian forays into South Africa’s financial sector.

The group disclosed in a filing to the Nigerian Exchange that the long-stop date for the transaction expired without all conditions being met, effectively causing the deal to lapse. The proposed transaction would have seen Access Bank acquire 100 per cent of Bidvest Bank from its parent, Bidvest Group Limited, in a deal positioned as a springboard into Africa’s most sophisticated banking market.

Access Holdings explained that the collapse was driven by the complexities and extended timelines of securing approvals across multiple jurisdictions, rather than any retreat from its South African ambitions. The deal required clearances from regulators in Nigeria, South Africa and potentially other markets where the combined entity would operate.

“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure. This initial outcome does not diminish our confidence in South Africa’s financial ecosystem,” Access Bank’s Managing Director, Roosevelt Ogbonna, said in the statement.

Ogbonna stressed that the group’s broader strategy remains intact, with Access still targeting a leading role in trade finance and cross-border payments across the continent. The bank has in recent years pursued an aggressive expansion strategy, acquiring or establishing operations in markets including Kenya, Botswana, Mozambique, Zambia and South Africa, where it already operates a smaller franchise.

The Bidvest deal was expected to significantly deepen that presence. Bidvest Bank, historically focused on fleet finance, foreign exchange and niche corporate banking, would have given Access a ready-made platform, local licences and an established client base in South Africa’s competitive banking landscape.

Access Holdings used the filing to thank the board and management of Bidvest Bank for their “patience and support” during the protracted process, signalling that relations between the parties remain cordial despite the setback.

For now, it is unclear whether the transaction will be restructured, re-priced or abandoned altogether. The group’s language suggests that talks have not been formally terminated, leaving open the possibility of a revived deal if regulatory and transactional hurdles can be resolved.

The lapse nonetheless represents a notable pause in Access Bank’s push to entrench itself as a pan-African heavyweight, underscoring the regulatory and execution risks that accompany cross-border banking consolidation on the continent.