JOHANNESBURG - A major banking acquisition in South Africa has collapsed.
Nigeria’s Access Bank has pulled out of its planned takeover of Bidvest Bank, after failing to meet key conditions for the R2.8‑billion deal.
The banks reached an agreement in December, but Access Bank was unable to fulfil certain conditions before the deadline.
Despite the setback, Bidvest has announced a new transaction.
It has agreed to sell Bidvest Life in full to a private‑equity‑led consortium in the financial services sector.
This second deal is still subject to regulatory approvals and other conditions.
Bidvest Bank and Bidvest Life will continue to be classified in the company’s financial statements as a Disposal Group held for sale, as they were for the year ended June 2025.