Johannesburg – Bidvest Bank remains classified as a discontinued operation after the planned R2.8 billion sale of the South African lender to Nigeria’s Access Bank collapsed earlier this year.
According to BusinessTech, Bidvest has continued to treat the bank as a discontinued operation on its balance sheet following the termination of the proposed transaction.
The deal, announced in December 2024, would have seen Access Bank acquire 100% of Bidvest Bank Holdings for R2.8 billion.
However, the transaction was terminated after certain conditions were not fulfilled by the agreed long-stop date. Daily Investor reported that the conditions included regulatory requirements.
Bidvest had originally planned to use proceeds from the sale to help settle its debt as part of a broader strategy to exit financial services and focus on its core businesses.
Access Bank said the collapse reflected the “challenges and extended timelines associated with multi-jurisdictional regulatory and transactional processes”, rather than a loss of confidence in South Africa.
“We remain constructively engaged with stakeholders on this transaction towards finding a potential path to closure,” Access Bank managing director Roosevelt Ogbonna said after the deal fell through.
Despite the failed acquisition, Access Bank said it remained committed to the South African market. The Nigerian banking group already operates in the country following its acquisition of Grobank in 2021.
Bidvest restarts search for buyer
Following the collapse, Bidvest restarted the process of finding a buyer for Bidvest Bank.
BusinessTech reported in March that the group had formally relaunched the sale process for the banking operation.
Bidvest Bank is a full-service financial institution offering foreign exchange, fleet, business and personal financial products. Its continued classification as a discontinued operation reflects Bidvest’s strategic decision to dispose of the business rather than an indication that the bank has ceased operating.
The failed transaction highlights the complexities facing major cross-border banking deals, particularly where regulatory approvals and ownership requirements are involved.
For now, Bidvest remains the owner of the bank while it searches for a new buyer, leaving the future ownership of the financial institution uncertain.
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Compiled by Betha Madhomu
