Bidvest Bank to buy FinGlobal

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.

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.