{"id":95571,"date":"2026-02-10T13:53:26","date_gmt":"2026-02-10T13:53:26","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-south-african-bank-sale-for-r2-8-billion-fails"},"modified":"2026-02-10T14:00:58","modified_gmt":"2026-02-10T14:00:58","slug":"major-south-african-bank-sale-for-r2-8-billion-fails","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-south-african-bank-sale-for-r2-8-billion-fails","title":{"rendered":"Major South African Bank Sale for R2.8 Billion Fails"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The sale of Bidvest Bank to Nigerian-based Access Bank has fallen through due to the deal\u2019s conditions not being met.<\/p>\n

Bidvest Bank is a full-service bank that offers foreign exchange, fleet, business and personal financial products.<\/p>\n

In December 2024, Access Bank agreed to acquire 100% of Bidvest Bank Holdings Limited\u2019s share capital for R2.8 billion.<\/p>\n

Access Bank has over 60 million customers globally and a network of 700 branches across 23 countries on three continents. It is the largest lender in Africa.<\/p>\n

The deal would allow Bidvest to focus on its other operations, with the proceeds used to settle its existing debt.<\/p>\n

However, in an update to shareholders, Bidvest noted that the sale of the bank included customary conditions precedent, including regulatory approvals.<\/p>\n

The parties had been actively working together to secure approvals. However, Access Bank did not fulfil certain conditions by the agreed long-stop date.<\/p>\n

This has resulted in the termination of the R2.8 billion transaction.<\/p>\n

\u201cThe considered rationale behind the original Bidvest Financial Services division\u2019s restructure and disposal decision remains a strategic imperative,\u201d said the group.<\/p>\n

\u201cBidvest has now relaunched the disposal process. We remain confident in our ability to successfully execute this disposal and will endeavour to accelerate transaction timeframes.\u201d<\/p>\n

Bidvest reinstated the bank as a sole shareholder and said it will continue to support the bank to ensure it remains financially sound and operationally stable during this transition period.<\/p>\n

It noted that the bank remains well capitalised, with all key ratios above the minimum regulatory hurdles.<\/p>\n

\u201cThe well-being of employees and maintaining high-quality service standards for all clients remain priorities,\u201d the group said.<\/p>\n

A sale is coming<\/p>\n

While the sale of Bidvest Bank has fallen through, the group has agreed to dispose of 100% of Bidvest Life to a private-equity-led financial services consortium.<\/p>\n

Key conditions are still precedent, including regulatory approvals, which are required to finalise this transaction, and all parties are working toward achieving these.<\/p>\n

Bidvest Bank and Bidvest Life will thus still continue to be disclosed as a Disposal Group held for sale in the company\u2019s financial statements, which was the case for the financial year ended June 2025.<\/p>\n

The disposals do not meet the requirements for a categorised transaction under the JSE\u2019s listing requirements, and the information disclosed is voluntary.<\/p>\n

Bidvest previously sold FinGlobal Migration, a company focused on South African emigrants, to Momentum for R200 million, as per its move away from financial services.<\/p>\n

For More News And Analysis About South-Africa<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The sale of Bidvest Bank to Nigerian-based Access Bank has fallen through due to the deal\u2019s conditions not being met. Bidvest Bank is a full-service bank that offers foreign exchange, fleet, business and personal financial products. In December 2024, Access Bank agreed to acquire 100% of Bidvest Bank Holdings Limited\u2019s share capital […]<\/p>\n","protected":false},"author":84,"featured_media":95570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[275],"class_list":["post-95571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-south-africa-2"],"yoast_head":"\nMajor South African Bank Sale for R2.8 Billion Fails - South Africa<\/title>\n<meta name=\"description\" content=\"The sale of Bidvest Bank to Nigerian-based Access Bank has fallen through due to the deal\u2019s conditions not being met. 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