Access Bank has failed in its attempt to acquire Bidvest Bank, after the transaction collapsed due to unmet conditions by the agreed deadline, stalling the Nigerian lender’s expansion plans in South Africa.
Bidvest Group announced on Monday that it has terminated the deal and reopened talks with other potential buyers for its banking subsidiary.
“The parties have been actively working together to secure approvals. It is, however, unfortunate that certain conditions were not fulfilled by Access Bank by the contractually agreed longstop date, resulting in the termination of the transaction,” Bidvest said in a statement.
