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Picture courtesy: (Moneyweb)
(The Post News)- Bidvest Bank and Fin Global will be offered for sale as part of the financial services division’s restructuring, according to an announcement made by the company.
The Bidvest Financial Services segment, which offers banking and associated goods and services to South African corporates, enterprises, and consumers, would be impacted by the strategic restructuring.
In addition to offering short- and long-term insurance products through Bidvest Insurance, Bidvest Life, and Compendium, this segment also comprises Bidvest Bank and Fin Global. Bidvest Bank, a subsidiary of Bidvest Group Limited, was established in 1998 after the acquisition of Rennie’s Foreign Exchange and the division of Rennie’s Travel.
Bidvest Bank was initially focused on foreign exchange services but has since expanded its offerings to include a broad range of banking products, such as savings accounts, investment solutions, and lending services.
Key milestones for Bidvest Bank include its registration as a commercial bank in 2000 and its continuous growth in the foreign exchange market. Fin Global, founded in 2009, is a leading financial services provider specialising in cross-border financial emigration and wealth management solutions for South Africans living abroad.
The Bidvest Group Board of Directors stated that “they believe that dedicated ownership of financial services is necessary for the continued sustainability and prosperity of some of the companies in this division, even considering the overall group strategy and despite the Financial Services division’s strong performance.
The statement read, “Shareholders are hereby advised that a process to dispose of Bidvest Bank and its related entity, Fin Global, has been approved by the Bidvest Group Board.”
Bidvest Financial Services’ restructure, according to chief executive Mpumi Mandisa, would enable the group to position itself for future growth by recycling money and preparing its businesses for the next phase of sustainable expansion. This calls for a change in strategy with the goal of pursuing both organic and acquisitive growth prospects in the group’s chosen areas of concentration, including the distribution of plumbing and associated goods, facility management, and specialist services connected to hygiene.
The next measures that will be taken begin the formal process of disposing of Bidvest Bank and Fin Global, with the goal of finding qualified buyers before the end of 2024.
The permission of numerous regulatory bodies will be necessary for these deals. The Bidvest Group is dedicated to making sure that Bidvest Bank maintains its operational stability and solid financial standing throughout this transitional period.
The health and happiness of the workforce, as well as upholding superior client service standards, will continue to be the top priority.
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