Bidvest relaunches Bidvest Bank sale after Access deal fails

Bidvest Group has restarted the sale of Bidvest Bank after a proposed R2.8 billion ($171.75 million) deal with Access Bank fell through, returning the lender to the market months after it was first put up for sale. 

Bidvest said the earlier transaction was terminated because Access Bank did not secure the required regulatory approvals before the long-stop date.

The group has since reinstated the bank as sole shareholder and said it will continue to support the unit while a new buyer is sought. 

“We remain confident in our ability to execute this disposal and will accelerate the transaction timeframes,” the company said.

A second attempt at a sale 

Bidvest Bank, which provides foreign exchange, fleet management and business and personal banking services, was placed on the block in September 2024 after a portfolio review. The group said at the time it would narrow its focus to core operations. 

The collapsed sale would have allowed Bidvest to reduce debt and redeploy capital. Despite the setback, the group said the bank remains well capitalised, with key ratios above regulatory minimums. 

“The well-being of employees and maintaining high-quality service standards for all clients remain priorities,” the company said, signaling an effort to steady staff and customers during the transition. 

For accounting purposes, Bidvest continues to classify the bank as a discontinued operation, alongside Bidvest Life. The group said it has received a binding offer from a private equity-led financial services consortium for 100% of Bidvest Life’s share capital. 

The company has already exited other financial services assets, including the sale of FinGlobal Migration to Momentum for R200 million.

Interim results show steady gains 

The update on the bank came as Bidvest reported results for the six months ended Dec. 31, 2025. 

Revenue rose 4% to R66.7 billion ($4.1 billion), while trading profit increased 7% to R6.7 billion ($410.97 million), lifting the trading margin to 10.1%.

Cash generated from operations reached R6.1 billion ($373.07 million), with free cash flow improving to R3.8 billion ($233.08 million) from R2 billion ($122.67 million) a year earlier. 

The company attributed the improvement to stronger operational cash flow, lower net working capital investment and stable capital expenditure. 

Headline earnings per share rose 5.3% to 989 cents, while group HEPS increased 2.2% to 1,038 cents. An interim dividend of 495 cents was declared, up 5.3%. 

Bidvest said demand in hygiene and hospitality services, supported by inbound travel, continues to underpin performance. Its testing, inspection and compliance business has more than doubled in size in recent years, broadening the earnings base.

The group also expects improved contributions from its expanded automotive and used-vehicle operations. 

Management pointed to a more stable domestic backdrop, citing lower interest rates, easing inflation and an improved sovereign credit outlook in South Africa.

Reforms in electricity and rail, along with the country’s removal from the Financial Action Task Force grey list, are expected to support investment flows. 

Bidvest footprint

Founded in 1988 and listed on the Johannesburg Stock Exchange, Bidvest Group operates more than 250 businesses across services, trading and distribution, employing over 130,000 people in South Africa and selected international markets.

Bidvest Bank, a wholly owned unit of Bidvest Group, offers foreign exchange, fleet management, business banking and personal financial services, with digital banking tools and tailored solutions for corporate and retail clients.