Access Bank’s planned acquisition of South Africa’s Bidvest Bank has collapsed, ending one of the most closely watched cross-border banking deals between West and Southern Africa. The transaction fell through after Nigeria’s largest bank by assets failed to meet key regulatory conditions by the agreed deadline of January 26, 2026.

In a filing to the Nigerian Exchange, Access Holdings Plc, the parent company of Access Bank, said the deal did not materialise because “certain conditions (including regulatory conditions) were not fully met.” The company stressed that the outcome reflects the complexities of multijurisdictional regulatory processes rather than any change in its strategic assessment of the South African market.

The proposed acquisition, first announced in December 2024, would have seen Access Bank acquire 100% of Bidvest Bank, marking a major expansion into South Africa’s retail and corporate banking sector. Access Bank, which became Africa’s largest lender by customer base following its 2019 merger with Diamond Bank, now serves over 60 million customers.

For Bidvest Group, the sale formed part of a broader plan to restructure its financial services portfolio, allowing it to focus on core industrial and services businesses. In a voluntary announcement, Bidvest Group noted that “certain conditions were not fulfilled by Access Bank plc by the contractually agreed long stop date, resulting in the termination of the transaction.”

While neither company specified which approvals were not secured, cross-border bank acquisitions typically require consent from multiple regulators, including central banks, prudential authorities, and competition agencies in both countries. South Africa’s banking regulator is considered among the continent’s most conservative, particularly regarding foreign-owned banks.

Despite the setback, Bidvest Group said it has relaunched the disposal process and remains committed to restructuring its financial services business. “We remain confident in our ability to successfully execute this disposal and will endeavor to accelerate transaction timeframes,” the company said.