Alchemy is honoured to have been involved in Bidvest Group Limited’s intent to dispose of Bidvest Bank Holdings Limited, FinGlobal, and Bidvest Life.
Bidvest Bank
Alchemy Law is pleased to be advising Bidvest Group Limited in their agreement to fully dispose of Bidvest Bank Holdings Limited (Bidvest Bank) to Access Bank plc (Access Bank), subject to conditions precedent. Proceeds from the approximately R2.8 billion disposal will be used to settle existing Bidvest debt.
It is expected that regulatory approvals will take about six months to achieve.
Access Bank, with a South African presence since 2021, is a diversified financial institution operating in 23 countries and spanning three continents. Its strategy is to be the world’s most respected African bank. It intends introducing a Broad-Based Black Economic Empowerment ownership as a component of this acquisition.
FinGlobal
Alchemy Law has also advised Bidvest Group Limited in its agreement to dispose of 100% of FinGlobal to Momentum Group. All FinGlobal employees will be retained in this acquisition. Regulatory approvals also form part of the key conditions precedent required to finalise this transaction.
Bidvest Life
Alchemy Law is furthermore advising Bidvest Group Limited in its disposal of its life insurance arm, Bidvest Life. Binding offers from existing life insurers for 100% of Bidvest Life have been received by the Bidvest Group and it is expected that an agreement will be reached with one of these insurers within the foreseeable future.
Alchemy Law senior partner Morne van der Merwe says, “It is always a pleasure to assist the Bidvest Group in matters such as these in order for them to meet their strategic objectives.”