Access Holdings Plc, through its subsidiary Access Bank Plc, has reported that it could not finalize its acquisition of a 100% equity stake in Bidvest Bank in South Africa before the long-stop date expired. This failure was confirmed in a corporate filing with the Nigerian Exchange Limited, noting that the deadline for the transaction had lapsed, with important regulatory approvals still pending. The announcement highlights the challenges of cross-border banking deals, particularly within a multi-jurisdictional regulatory environment.

The attempt to acquire Bidvest Bank was originally announced in December 2024, when Access Holdings indicated that it had entered into a binding agreement with Bidvest Group Limited. However, as noted in the company's recent update, the complexities surrounding the deal, including the satisfaction of necessary conditions, proved to be too significant. The company has not disclosed whether it plans to pursue the acquisition again in the future or if it will seek alternative banking ventures.

This development raises questions about Access Bank's strategic goals and its ability to expand internationally amidst regulatory hurdles. The failure of this deal may impact investor confidence and the perception of Access Holdings' capabilities to negotiate and complete cross-border acquisitions, particularly in the competitive landscape of the South African banking sector.