Bidvest, which announced yet another offshore acquisition yesterday, plans to sell its bank through a restructuring of its financial services division.
The aim was to recycle capital and align the groups interests in terms of strategy, while setting it up for its next phase of expansion, Bidvest CEO Mpumi Madisa said yesterday.
The group announced also that it is acquiring 100% of Canada-based Citron Hygiene from Birch Hill Equity Partners and other investors for an undisclosed sum. Citron serves about 50 000 customer locations from seven branches in Canada, four in the US and 10 in the UK.
In March at the release of interim results, Madisa said that the group was on the acquisition trail, this after already spending R3.2 billion on bringing nine new businesses into the fold over a six-month period.
Bidvests financial services division provides banking and related products and services to South African corporates, businesses and consumers through Bidvest Bank and FinGlobal. It also offers insurance products through Bidvest Insurance, Bidvest Life and Compendium.
