Bidvest Bank to buy FinGlobal in move to diversify
Bidvest Group’s banking unit agreed to buy FinGlobal, a provider of financial services to South Africans living outside the country, as part of an acquisition drive to expand and diversify its business. Bidvest Bank will fund the purchase out of its R2bn in cash reserves, MD Japie van Niekerk said by phone on Tuesday, without disclosing the value of the deal. The acquisition gives the lender access to FinGlobal’s more than 15,000 customers in 80 countries, offering services such as tax refunds, foreign-exchange services and retirement annuities. The transaction marks Bidvest Bank’s second deal in three months after buying First Data Corp’s South African e-commerce payment unit, First Data Resources, for an undisclosed sum in August. Bidvest Bank, which was born out of a foreign-exchange business its parent company bought in 1998, is seeking to broaden its customer base in an effort to take market share from SA’s four largest lenders. "We are looking to add and diversify our revenue ...
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