Bidvest Group is reviving the R2.8bn sale of its subsidiary Bidvest Bank after its takeover by Nigeria’s Access Bank fell through.
JSE-listed Bidvest blamed Access for failing to meet some conditions to ensure the deal crossed the finish line. It said both parties had been working to achieve regulatory approvals.
“It is, however, unfortunate that certain conditions were not fulfilled by Access Bank plc by the contractually agreed longstop date, resulting in the termination of the transaction,” said the company.
The company maintained that the restructuring of Bidvest Financial Services was sound and the disposal decision remained a “strategic imperative”.
“Bidvest has now relaunched the disposal process. We remain confident in our ability to successfully execute this disposal and will endeavour to accelerate transaction timeframes.”
The company said Bidvest remained the sole shareholder and would continue to support Bidvest Bank to ensure it continued to be financially sound and operationally stable during the transition.
“BidvestBank remains adequately capitalised, with all key ratios above minimum regulatory hurdles. The wellbeing of employees and maintaining quality service standards for all clients remain priorities,” it said.
TimesLIVE
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