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BIDVEST GROUP LTD - ANNOUNCEMENT

Release Date: 10/09/1999 16:00
Code(s): BVT
Wrap Text
BIDVEST GROUP LIMITED
("BIDVEST, THE GROUP OR THE COMPANY")

THE BIDVEST GROUP LIMITED HAS ENTERED AN AGREEMENT, CONTINGENT ON THE GRANTING OF A BANKING LICENCE, TO PURCHASE THE BANKING BUSINESS OF ONS EERSTE VOLKSBANK FOR A CONSIDERATION OF R15 MILLION.
THE BANKING BUSINESS, IF THE LICENCE IS APPROVED, WILL BE USED TO SUPPLEMENT THE COMPANY'S FINANCIAL SERVICES OPERATIONS CURRENTLY CENTRED AROUND RENNIES FOREIGN EXCHANGE, THOMAS COOK AND BIDFIN.
FURTHER ANNOUNCEMENTS WILL BE MADE BY THE COMPANY VIA THE APPROPRIATE CHANNELS, SHOULD THE LICENCE BE APPROVED. 10 SEPTEMBER 1999 ENQUIRIES. COLLEGE HILL JOHANNESBURG TEL: + 27 (0) 11 447 3030 GRAHAM FIFORD TOM ALLISON

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