In a significant shift for South Africa’s financial services landscape, the Bidvest Group announced on February 9, 2026, that the proposed R2.8 billion (~$157 million) sale of Bidvest Bank to Nigeria’s Access Bank has officially fallen through.
The deal, which was a cornerstone of Access Bank’s Southern African expansion strategy, was terminated after the parties failed to satisfy all regulatory and customary conditions by the January 26, 2026, “long-stop” deadline.
1. Why the Access Bank Deal Collapsed
The termination marks a rare setback for the Nigerian banking giant, which has successfully executed several cross-border acquisitions over the last three years.
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Regulatory Hurdles: Access Holdings Plc cited the “complexities and extended timelines” of multi-jurisdictional regulation as the primary reason for the failure.
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Strategic Intent: Despite the collapse, Access Bank MD Roosevelt Ogbonna stated that the bank remains “constructively engaged” and reaffirmed its confidence in the South African market.
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Credit Rating Concerns: During the negotiation period, Moody’s had downgraded Bidvest Bank’s rating, citing uncertainty and the potential loss of parental support from the Bidvest Group.
2. Bidvest Life: A New Private Equity Exit
While the bank sale stalled, Bidvest successfully secured a separate path for its insurance arm.
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The Buyer: Bidvest has entered into a binding agreement to sell 100% of Bidvest Life to a consortium of private equity funds specializing in financial services.
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The Price Tag: The deal is valued at approximately R130 million.
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Rationale: This sale aligns with Bidvest’s broader strategy to exit the financial services sector and refocus on its core industrial and commercial operations, such as hygiene, freight, and distribution.
3. FinGlobal Disposal Completed
The restructuring of the Bidvest Financial Services division is already well underway. In late 2025, Bidvest finalized the sale of FinGlobal Migration—a specialist in emigration financial services—to the Momentum Group for R200 million.
Bidvest Financial Services: Disposal Tracker (Feb 2026)
“The considered rationale behind the original Bidvest Financial Services division’s restructure remains a strategic imperative. We have now relaunched the disposal process [for the bank] and remain confident in our ability to execute.” — Bidvest Group Statement, February 2026.
