Bidvest Bank is being sold for R2.8 billion, with the sale to Nigeria-based Access Bank expected to be finalised within the next three months. 

During the financial year that ended 30 June 2025, Bidvest said that its Financial Services segment was dismantled and that a formal process was initiated to dispose of Bidvest Bank. 

Bidvest Bank is a full-service bank that offers foreign exchange, fleet, business and personal financial products. 

In December 2024, Nigeria’s largest lender, Access Bank, agreed to acquire 100% of the share capital of Bidvest Bank Holdings Limited for R2.8 billion, subject to regulatory approvals.

Access Bank has over 60 million customers globally, with a network of 700 branches in 23 countries across three continents. 

Bidvest said that the bank’s sale is expected within the next three months. The bank is now held-for-sale on the group’s financials. 

In addition to the sale of Bidvest Bank, FinGlobal, a cross-border services company offering financial emigration services, is also being sold. 

From 30 April 2025, the group sold 100% of its share capital of FinGlobal Migration to Momentum Strategic Investments Pty Ltd for R201 million. 

The group also disposed of the share capital of Bidvest Asset Management for R2 million.

Post year-end, the group also received a binding offer of R130 million for 100% of the share capital of Bidvest Life. 

The remaining financial services short-term insurance businesses were transferred to the automotive segment, focusing primarily on vehicle insurance coverage and related value-added products (VAPS). 

Financial results 

The sales come amidst a mixed performance for the group, with some segments under extreme strain. 

Earnings contractions were seen in the Freight (-10.0%) and Commercial Products (-28.4%), which continued into the year’s second half.

This was offset by stronger performances in Services SA (+13.6%), Services International (+12.1%), Branded Products (+7.8%) and Automotive (+2.5%) 

The group also holds a significant share in JSE-listed Adcock Ingram, which delivered a commendable improved second-half performance.

“When earnings are under pressure, cash is the ultimate indicator of quality. A key highlight of the results is therefore the outstanding cash conversion of 95.3%,” said the group. 

The group acquired hygiene company Citron, providing a strategic platform for multi-year hygiene services growth in North America. 

The group added that a new 25-year concession award in Richards Bay enables further domestic investment in long-dated terminal assets.

• R126.6 billion revenue, +5%
• R12.0 billion trading profit, +1%
• Trading profit margin of 9.5%, down 40bps
• R14.7 billion cash generated by operations, +6%
• ROFE 36.9%
• Group basic earnings per share of 1,873.8 cents, -5%
• Continuing operations Normalised HEPS of 1,886.4 cents, +1%
• Group Normalised HEPS of 1,952.7 cents, -1%
• Continuing operations HEPS of 1,759.5 cents, -3%
• Group HEPS of 1,870.8 cents, -2%
• Final dividend of 453 cents, +1%

Overall, the group’s revenue increased by 5% to R126.6 billion, with trading profit up 1% to R12 billion. 

Group earnings per share decreased by 4.7% to 1785.5 cents. This was the result of a 4.2% contraction in continuing operations EPS and a major drop in profit after tax from discontinued operations oeprations. 

The group declared a final dividend of 453 cents per share, a 1% year-on-year increase.