Banking

Major South African bank ‘discontinued’ after R2.8 billion sale collapses

Luke Fraser

 ·31 Aug 2026

Bidvest Bank remains a discontinued operation for its parent company following the failed sale to Nigeria’s Access Bank.

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

The group’s total book was R6 billion in December 2024, including assets, loans and advances, and was funded by R8 billion in deposits.

The bank was put up for sale in 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. Bidvest would then use these proceeds to settle debt.

However, Access Bank failed to obtain the required approvals for the transaction before the long stop date in early 2026.

The sale process was then relaunched, with Bidvest confident in its ability to execute the disposal in an accelerated timeframe.

In its latest financial results for the year ended 30 June 2026, the group said that both Bidvest Bank and Bidvest Life have been classified as disposal groups.

With both subsidiaries for sale, they have been classified as discontinued operations in the financial results.

“The group is committed to the disposal process and its ultimate successful conclusion,” it said.

It has received a binding offer of R140 million from a private equity-led financial services consortium for 100% of the share capital of Bidvest Life. Regulatory approvals are still required.

While the group has struggled to sell its bank, it was able to sell FinGlobal Migration, a company focused on South African emigrants, to Momentum as per its move away from financial services.

Financial results

For the financial year, Bidvest said that it delivered a strong performance, which included every trading division delivering trading profit growth.

The group said revenue growth of 2.9% to R130.3 billion and an overall 8% increase in trading profit to R13.1 billion.

The group’s cash flow generated by operations also rose to 17%, to R17.2 billion, while free cash flow generation increased by 27%.

Continuing operations headline earnings per share increased 6% to 1,864.2 cents, while normal headline earnings per share rose 4% to 1,952.6 cents.

While the group’s continuing operations recorded a profit of R6.5 billion, the group’s discontinued operations recorded a loss of R2.3 million.

The group declared a final dividend of 483 cents per share, adding to the interim dividend of 495 cents per share.

The group said that it enters FY2027 with positive operating momentum and a strengthened platform for sustainable growth.

The group’s near-term priorities include improving cash generation, accelerating organic growth, reducing leverage, and rebuilding returns.