Chamwe Kaira
Bidvest Group Limited has terminated its proposed sale of Bidvest Bank Holdings Limited to Access Bank plc after conditions precedent were not met by the agreed long stop date. Access Bank is seeking a banking licence in Namibia.
In a voluntary announcement, Bidvest said the sale and purchase agreement included customary regulatory approval conditions.
While both parties worked to secure the required approvals, these conditions were not fulfilled within the contractual timeframe, leading to the termination of the transaction.
Bidvest said the strategic rationale behind the restructuring of its Financial Services division and the decision to dispose of Bidvest Bank remain unchanged.
The group has relaunched the disposal process and said it intends to accelerate transaction timelines.
The group confirmed that it remains the sole shareholder of Bidvest Bank and will continue to support the institution to ensure financial soundness and operational stability during the transition period.
Bidvest stated that the bank maintains adequate capitalisation, with all key ratios surpassing the minimum regulatory requirements. It added that the well-being of employees and the maintenance of service standards for clients remain priorities.
Separately, Bidvest said it has concluded an agreement to dispose of 100% of Bidvest Life to a private equity-led financial services consortium.
The transaction is subject to conditions precedent, including regulatory approvals, and the parties are working to finalise the deal.
Bidvest Bank and Bidvest Life will continue to be disclosed as disposal groups held for sale in the group’s consolidated financial statements, in line with the treatment applied in the financial year ended 30 June 2025.
The group stated that the disposals are voluntary and do not fall under the JSE Limited Listings Requirements’ categorisation of transactions.
In Namibia, the Bank of Namibia granted Access Bank a provisional licence in 2024 and later extended it last year.
Access Bank has an expansion strategy across Southern Africa and operates in Angola, Botswana and Zambia. Namibia has been identified as a key market in the bank’s regional growth plans.
Caption
The Bidvest Group Limited has terminated its proposed sale of Bidvest Bank Holdings Limited to Access Bank plc.
- Photo: Contributed
