Bidvest Bank to buy FinGlobal

CFO South Africa 21 November 2017

Bidvest Group's banking unit has agreed to buy Hermanus-based FinGlobal for an as-yet-undisclosed sum.

According to Bloomberg, Bidvest Bank MD Japie van Niekerk (pictured) has said the bank will fund the acquisition – part of a strategy to expand and diversify its business – out of its R2 billion in cash reserves. The transaction is Bidvest Bank’s second deal in three months. In August it purchased First Data Resources, First Data’s South African e-commerce payment unit, for an undisclosed amount.

Bidvest enters the business banking arena

FinGlobal provides financial services to South Africans living abroad. The acquisition will give Bidvest Bank access to FinGlobal’s 15,000-strong customer base, which spans 80 countries.

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