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Bidvest Bank, FinGlobal up for sale
Bidvest has plans to sell Bidvest Bank and FinGlobal, a move the group confirmed forms part of the restructuring of its financial services division, which offers banking and related products and services to South African corporates, businesses, and consumers.
Source: Facebook/Bidvest Premier Lounge. Mpumi Madisa, the group chief executive of Bidvest Group.
The division, Bidvest Financial Services encompasses both Bidvest Bank and FinGlobal, and provides short- and long-term insurance products through Bidvest Insurance, Bidvest Life, and Compendium.
The group highlighted the division’s strong financial performance post-pandemic, as reflected in the FY2023 annual and FY2024 interim results, noting that this positive momentum continues in subsequent trading.
Strategic growth initiative
The restructuring will enable the group to prepare its businesses for the “next phase of sustainable expansion” while reallocating capital to support continued growth.
A spokesperson for the group said this strategic shift aims to “achieve scale and growth” and pursue both organic and acquisitive opportunities in the group's focus areas—niche services such as hygiene, facilities management, and the distribution of plumbing and related products.
"Considering the overall group strategy and despite the solid performance of the financial services division, the Bidvest Group Board of Directors believes that dedicated financial services ownership is necessary for the continued sustainability and prosperity of some companies in this division.
"Shareholders are therefore advised that the Bidvest Group Board has approved a process to dispose of Bidvest Bank and its related entity, FinGlobal," the statement said.
