JSE-listed Bidvest will dispose of two of its entities – Bidvest Bank and FinGlobal, according to a statement on Sens on Wednesday.
Its financial services division provides banking and related products and services to South African corporates, businesses, and consumers through Bidvest Bank and FinGlobal, which offers financial migration services to South Africans. This step aligns with the strategy of diversifying into allied automotive services, with the group’s remaining short-term insurance businesses within its financial services division focusing primarily on vehicle insurance cover and related value-added products.Read: Bidvest sells logistics unit stake to investment firm Akhona
The disposal of Bidvest Bank and FinGlobal will start soon, and the group’s management hopes to identify a suitable buyer by the end of the 2024 calendar year. ADVERTISEMENT: CONTINUE READING BELOW The disposal requires regulatory approval under the Banks Act, the Companies Act, the Competition Act , and the Financial Sector Regulation Act.Bidvest Bank recorded a trading profit of R234 million and an operating income of R219 million in the 2023 financial year.
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Source: BusinessTechSA - 🏆 24. / 61 Read more »
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