The Bidvest Group has formally relaunched the sale process for its discontinued banking operation, Bidvest Bank, in the hope of finding a new buyer after its sale to Access Bank collapsed.
Bidvest Bank is a full-service bank that offers foreign exchange, fleet, business and personal financial products.
It was put up for sale in September 2024 following a portfolio review, where the wider Bidvest group opted to focus on growth areas.
In December 2024, Access Bank agreed to acquire 100% of Bidvest Bank Holdings Limited’s share capital for R2.8 billion.
The deal would have allowed Bidvest to focus on its other operations, with the proceeds used to settle its existing debt.
“Unfortunately, the Bidvest Bank disposal transaction was terminated as a result of Access Bank Plc not securing the required approvals prior to the long stop date,” the group said.
“The sale process has been relaunched, and we remain confident in our ability to successfully execute this disposal and will accelerate transaction timeframes.”
Bidvest reinstated the bank as a sole shareholder and said it will continue to support the bank to ensure it remains financially sound and operationally stable during this transition period.
It noted that the bank remains well capitalised, with all key ratios above the minimum regulatory hurdles.
“The well-being of employees and maintaining high-quality service standards for all clients remain priorities,” the group said.
For the purposes of its financial reporting, Bidvest includes Bidvest Bank under discontinued operations, along with another asset it is selling, Bidvest Life.
For Bidvest Life, the group noted that it has received a binding offer from a private equity-led financial services consortium for 100% of Bidvest Life’s share capital.
Bidvest previously sold FinGlobal Migration, a company focused on South African emigrants, to Momentum for R200 million, as per its move away from financial services.
Financial performance
Reporting its interim performance for the six months ended 31 December 2025, the Bidvest Group presented solid results.
Revenue for the period was up 4% to R66.7 billion, with a trading profit of R6.7 billion, up 7% from the comparative period. The group had a trading profit margin of 10.1%.
The business generated R6.1 billion in cash from operations, with free cash flow increasing to R2 billion to R3.8 billion.
“This was a combination of more cash generated by operations, lower net working capital investment and broadly stable capex spend,” it said.
“The elevated focus on cash generation is key to achieving our objective of deleveraging the balance sheet and creating economic value.”
Headline earnings per share were up 5.3% to 989 cents, with group HEPS up 2.2% to 1,038 cents.
The group declared an interim dividend of 495 cents, up 5.3%.
Looking ahead, the group said it will continue to focus on growth, stronger cash generation, and improved returns.
Growth will be supported by demand in hygiene and hospitality services, particularly amid strong inbound travel volumes, it said.
“Our testing, inspection and compliance services operations have more than doubled in size, providing a larger platform for continued growth.”
Improved performance is expected from the group’s expanded automotive brand representation and used vehicle market operations.
Broadly, the group sees room for optimism in South Africa, with interest rates at their lowest in more than two decades and inflation declining and expected to remain modest.
2026 economic growth forecasts have been revised upwards, the country’s sovereign credit was upgraded, and high commodity prices have delivered a welcome tailwind.
“Structurally, there is also no doubt that progress continues to be made in electricity and rail reforms, while the removal of South Africa from the FATF grey list opens the door for investment flows,” it said.
