South African conglomerate Bidvest Group has terminated the sale of its banking subsidiary, Bidvest Bank, to Nigeria’s Access Bank Plc, after the buyer failed to meet key conditions by the agreed deadline.
In a disclosure published on Monday, February 9, Bidvest said both parties had worked toward securing regulatory and other approvals, but “certain conditions were not fulfilled by Access Bank Plc by the contractually agreed long stop date,” leading to the cancellation of the transaction.
Access Bank had agreed in December 2024 to acquire 100 percent of Bidvest Bank for about 2.8 billion rand (approximately US$157 million at the time). The deal formed part of Access Bank’s broader strategy to expand its footprint across Africa and was expected to close in the second half of 2025, subject to regulatory clearance.
Bidvest originally put Bidvest Bank up for sale as part of a strategic move to streamline operations and refocus on its core businesses, including hygiene services, freight management, and the distribution of plumbing and related products.
Sale Process Relaunched
Following the collapse of the transaction, Bidvest said it has relaunched the sale process for Bidvest Bank, with proceeds expected to be used to reduce group debt.
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“The rationale behind the original restructure and disposal decision remains a strategic imperative,” the company said in a notice published on the Johannesburg Stock Exchange. “Bidvest has now relaunched the disposal process and will endeavour to accelerate transaction timeframes.”
The group added that Bidvest Bank remains adequately capitalised, with capital ratios above minimum regulatory requirements, and said it would continue to support the bank to maintain financial strength and operational stability during the transition period.
Broader Restructuring
The planned disposal of Bidvest Bank forms part of a wider restructuring of Bidvest Group’s financial services division. The diversified group operates around 250 subsidiaries and employs more than 130,000 people across South Africa, the United Kingdom, Ireland, Spain, Australia and Singapore.
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Separately, Bidvest announced an agreement to sell 100 percent of its life insurance business, Bidvest Life, to a consortium of private equity funds focused on financial services. Financial terms of that transaction were not disclosed.
In September 2025, Bidvest also completed the sale of FinGlobal Migration, a subsidiary that provides financial services to South African emigrants, to local financial services group Momentum for 200 million rand (about US$12.5 million).
Implications
The collapse of the deal represents a setback for Access Bank’s South African ambitions, while Bidvest now returns to the market in search of a new buyer amid ongoing consolidation in the region’s banking sector.
