Financial services: Bidvest to buy Grindrod Bank


Bidvest had agreed to buy the banking unit of Grindrod for an undisclosed amount, South Africa’s second-biggest company by revenue said yesterday. “The acquisition of Grindrod Bank will add scale to Bidvest’s financial services offering,” the company said. “The businesses are complementary and the expanded product and service offering will benefit clients.” Bidvest, which has a range of businesses from car sales to food delivery, bought a 34.5 percent stake in Adcock Ingram this year to add pharmaceuticals to its portfolio. Grindrod, based in Durban, is Africa’s largest shipping company. – Bloomberg


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