Bidvest Bank Ltd. and First Data Corp. unit First Data Resources South Africa (Pty.) Ltd. announced the 100% acquisition of the latter by Bidvest.

Following the acquisition, terms of which were not disclosed, First Data Resources South Africa will change its name to Bidvest Merchant Services. In addition, Bidvest will get access to First Data's regional payment processing platform as part of an exclusive 10-year processing agreement.

Bidvest said the acquisition is in line with its strategy of diversifying its revenue streams to service a broader market, and will complement its business banking offering.