Omo, gist don land for town wey no go make Access Bank smile! E be like say dem attempt to acquire Bidvest Bank don scatter completely after dem miss some important conditions wey dey required.
Na Bidvest Group come drop this one for us on Monday, as dem don terminate the deal and don ready to talk with other buyers wey fit collect dem banking unit. Dem talk say dem try everything, but Access Bank no fit meet up una conditions by the agreed date. Chai! Na wah oh!
As the matter dey hot, Bidvest no carry belle o! Dem come clear say Bidvest Bank still de okay with enough capital to waka, and dem go still support the bank while dem dey look for another buyer. Na wetin dem call strong business strategy!
Now, if we carry our mind back to December 2024, na then the deal wey be R2.8 billion don start. But pelumi, dem no dey share this kind big news without wahala. Moodys come downgrade Bidvest Bank’s credit levels last month because dem dey fear wetin go happen to the bank support after dem change ownership. E no too dey sweet for mouth.
Access Bank don dey try enter South Africa since 2021 when dem acquire Grobank, but e still dey remain small fish for that banking ocean. Now, this collapse na serious gbege for dem expansion plans wey dem don dey manage.
As e be now, Bidvest Group don say dem go continue to support Bidvest Bank during this transition stage. Even though dem don sidon look for another buyer, dem don show say dem focus dey back to their main business wey dey make sense financially.
Access Bank self, na dem get wahala for their side too o! Their chief executive don dey plan to waka, along with many senior executives wey don jump ship. Local media dey talk say wahala dey inside well well for there, but wetin dem go do? Ego go answer question.
To cap am all, this matter don show say business na like market, sometimes e dey blow and sometimes e dey carry you go bush. Let’s dey watch as situation dey unfold, and if Access Bank go fit bounce back strong. Na so e be, bros!
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