200809 Grindrod Rainbow.photo supplied

Johannesburg - Bidvest, South Africa’s second-biggest company by revenue, agreed to buy the banking unit of Grindrod for an undisclosed amount.

“The acquisition of Grindrod Bank will add scale to Bidvest’s financial services offering,” the Johannesburg-based company said in a statement.

“The businesses are complementary and the expanded product and service offering will benefit clients.”

Bidvest, which has a range of businesses including car sales and food delivery, bought a 34.5 percent stake in Adcock Ingram Holdings earlier this year to add pharmaceuticals to its portfolio.

Grindrod, based in Durban, is Africa’s largest shipping company,

Bidvest shares gained 0.3 percent to 282.37 rand as of 1:30 p.m. in Johannesburg.

Grindrod shares increased 1.4 percent to 26.79 rand. - Bloomberg News