Bidvest Bank’s agreement with Access Bank, over the disposal of 100% of Bidvest Bank Holdings has collapsed.
Bidvest announced to its stakeholders that Access failed to honour customary conditions relating to the required regulatory approvals, thus terminated.
The two have been actively working together to secure approvals for the purchase and sale agreement, which informed Bidvest Financial Services division’s restructure and disposal decision.
Bidvest has now relaunched the disposal process.
The company said in a statement to stakeholders, “we remain confident in our ability to successfully execute this disposal and will endeavour to accelerate transaction timeframes.”
The bank also said the well-being of its employees and clients remain a priority .
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