Bid­vest has new weapon in Can­non

Pretoria News - - BUSINESS REPORT -

THE Bid­vest Group unit, Bid­vest Fi­nan­cial Ser­vices, an­nounced yes­ter­day that it had ac­quired Can­non As­set Man­agers, a South African­based as­set man­age­ment firm, for an undis­closed amount. Can­non spe­cialises in in­vest­ments that span do­mes­tic and global as­set classes. The ac­qui­si­tion of Can­non fur­ther di­ver­si­fies its cus­tomer value propo­si­tion from Bid­vest Bank’s tra­di­tional fleet and forex op­er­a­tion and ex­pands its fi­nan­cial ser­vices of­fer­ing to in­clude in­vest­ment man­age­ment. Japie van Niek­erk, the man­ag­ing di­rec­tor of Bid­vest Fi­nan­cial Ser­vices and Bid­vest Bank, said: “Our ac­qui­si­tion of Can­non is a key build­ing block in the ex­pan­sion of our fi­nan­cial ser­vices busi­ness. We’re de­lighted to be able to at­tract a busi­ness with the record and rep­u­ta­tion Can­non has, and we see a good strate­gic fit in com­bin­ing our busi­nesses.” Can­non would op­er­ate as a sep­a­rate busi­ness in the Bid­vest Fi­nan­cial Ser­vices di­vi­sion and work closely with Bid­vest Bank and the Bid­vest In­sur­ance Group. – Sandile Mchunu

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