Sasfin Bank Ltd review 2024

Sasfin bank began as a textile trading company in 1951 and later diversified into financial services. Sasfin now has offices […]

Sasfin Bank

Sasfin bank began as a textile trading company in 1951 and later diversified into financial services. Sasfin now has offices throughout South Africa and also has a presence in Hong Kong.

SASFIN BANK
Sector Financials
Industry Banking
Founded 1951
Type Private
Products Debit cards, Credit cards, Savings, Loans, Investments and checking
Address 29 Scott Street,
Waverly,
2090,
South Africa
Phone +27 86 575 3829
Total assets R14.6 Billion
Website www.sasfin.com

Sasfin Bank currently generates over R2 billion in revenue and boasts total assets worth R14.6 billion. The bank is actively expanding and diversifying its operations across the financial sector. Sasfin offers financial services to businesses, corporations, institutions, and high-net-worth individuals. Its range of services includes loans, credit and debit cards, financial solutions, and a savings platform for its customers.

Brief history of Sasfin bank

Sasfin traces its roots back to 1951 when Roland Sassoon’s father founded it as a textile selling company. Roland Sassoon himself joined Sasfin at just 17 years old when the company was primarily focused on small-scale trading and debt finance. It wasn’t until the 1960s that Sasfin evolved into a full-fledged financial entity.

In 1987, Sasfin made its debut on the Johannesburg Stock Exchange (JSE) as a trade and equipment financier. The company made waves in 1991 by securitizing its equipment finance portfolio, a groundbreaking move that established Sasfin as South Africa’s oldest securitization entity.

A significant milestone came in 2001 when Sasfin acquired Frankel Pollak, leading to the creation of Sasfin Securities. This strategic move aimed to tap into the high-net-worth individual market, reflecting Sasfin’s ambition to bridge the wealth gap in the country.

Over the years, Sasfin expanded its footprint by acquiring and establishing entities like Sasfin Bank, Sasfin Wealth, and Sasfin Capital. Today, Sasfin Group stands as a prominent player in South Africa’s financial landscape, offering a wide array of financial services and products.

Sasfin Group Services

Banking services

Sasfin’s business banking arm caters to entrepreneurs, offering online banking services and unique benefits like direct integration with Zero accounting software. Their personal banking options include platinum and endless accounts, both Visa-backed with complimentary online banking and alerts.

Both personal account types grant access to financial advisors for tailored assistance. Sasfin Bank also provides investment opportunities such as fixed deposits, tax-free savings, and call deposits, with interest rates reaching up to 4.91 percent. Leveraging its pioneering securitization approach, Sasfin crafts bespoke funding solutions through its oldest securitization vehicle, meeting clients’ diverse needs.

Furthermore, Sasfin’s debt capital management team specializes in structuring debt financing solutions for capital projects, acquisitions, and refinancing, offering strategic guidance to optimize financial objectives.

Capital finance and services

Sasfin offers a comprehensive suite of corporate services, including capital raising, acquisitions, divestitures, and advisory support. This encompasses guiding clients through JSE listings and facilitating capital raising initiatives like rights issues, public offerings, and secondary market issuances. The company also extends assistance with business rescue procedures, leveraging its expertise to navigate complex challenges.

Through a client-focused approach, Sasfin aids entrepreneurs in accessing government incentives from entities like the Department of Trade and Industry and the Industrial Development Corporation. They also specialize in tariff recovery services, helping businesses reclaim import tariffs imposed by the South African Revenue Service.

Sasfin’s risk management solution, Sasfin HRS, safeguards clients’ assets, complemented by strategic partnerships with reputable insurance underwriters to secure competitive insurance rates. Their expertise spans various insurance categories, including guarantees, liability, maritime, credit, income protection, home risks, and construction.

Furthermore, Sasfin actively seeks investment opportunities in owner-managed businesses, valuing the preservation of the business culture post-investment. These equity investments typically range from R10 million to R40 million, primarily targeting technology startups. Additionally, Sasfin engages in real estate investments focusing on mid-market properties valued between R50 million and R200 million, while also evaluating larger projects exceeding R200 million.

In addition to investment activities, Sasfin provides comprehensive property-related services encompassing deal structuring, risk evaluation, and debt financing, further solidifying its position as a holistic financial partner.

Wealth services

Sasfin Asset Management delivers comprehensive asset management services through a network of seasoned fund managers adept at meeting the diverse needs of institutional and private investors. The team comprises highly skilled and independent asset managers with extensive expertise, a legacy that dates back to 1890 when the portfolio management and stockbroking divisions were established. Their primary goal is to preserve and enhance clients’ wealth through strategic investment management.

Specializing in both domestic and international markets, Sasfin Asset Management engages in meticulous stock selection and trading based on market insights, industry expertise, and robust education. Wealth advisory services are provided by a dedicated team of wealth advisors committed to delivering unbiased guidance tailored to clients’ financial objectives, adhering to global financial and wealth advisory standards.

Moreover, Sasfin offers retirement planning solutions, including an umbrella retirement fund aimed at ensuring businesses’ and institutions’ employees’ long-term financial security. They provide comprehensive pension and provident fund solutions, retirement annuity funds, and pension and provident preservation funds to assist institutions in meeting their retirement benefit obligations effectively.

Sasfin Holdings limited ownership

This table only include shareholders with 1% or more in ownership of Sasfin holdings limited

Shareholder Percentage
Unitas Enterprises ltd 42.3
Women investment portfolio holdings ltd 25. 1
Saprop Investment ltd 3.65
36ONE Asset Investment Pty ltd 3.55
Banque Lombard Odier and Cie SA 1. 99
Prescient Investment Management 1.56
Truffle Asset Management 1.51
Denker Capital Pty Ltd 1.32
Investec Asset Management Pty ltd 1.28
Blue Horseshoe Investment ltf 1.26

Sasfin Bank executives

Executives Board Members
Michael Sassoon
CEO
Linda DE Beer
Mee Sassoon
Exec Director
Angela Pillay
  Maj Gen Roy Cecil Andersen
  Michael Sassoon
  Mee Sassoon
  Lesego Judith Sennelo
  Shahied Rylands

Conclusion

Sasfin Group is a wealth and institutional-focused financial services firm, providing services to corporations and high-net-worth individuals. It is one of the few companies in South Africa on which businesses may rely for retirement packing. The company is still run by the founders’ grandchildren, who are responsible for its continued growth. Since its inception in 1951 as a textile retail concern, Sasfin has grown to include numerous businesses.

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