Sasfin Bank Ltd review 2021

Posted on Jan 2, 2021 by Staff Writer

Rateweb | South Africa

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Sasfin bank was founded in 1951 as a textile trading company and later converted into a financial services institution. Today, Sasfin has offices across South Africa and also has an office 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 now reports revenue above R2 billion and has total assets of established value of R14.6 billion. The bank is still growing and venturing into other bits in the financial sector.

Sasfin bank serves entrepreneurs, corporations, institutions and high net worth individuals with their banking needs. The bank provides loans, credit and debit cards, facilitates for investments and a savings platform to its clients.

Brief history of Sasfin bank

Sasfin was started by Roland Sassoon’s father in 1951 as a textile trading company. Later, Ronald Sassoon joined Sasfin at the age of 17. The company was then a small scale trade and debt finance company. During the period the company was turned into a finance business in the 1960s.

Sasfin was then listed in the JSE in 1987 as trade and equipment financiers. In 1991 the company securitised its equipment finance book. The securitisation of its equipment finance book was groundbreaking at the time and is still the oldest securitisation vehicle in South Africa.

In 2001 Sasfin acquired Frankel Pollak now know as Sasfin Securities. Acquisition of Frankel Pollak was a move to enter into a market of high net individuals. The wealth division is still steadily growing.

Along the way, Sasfin made further acquisitions and reproduced Sasfin Bank, Sasfin Wealth and Sasfin Capital. Today Sasfin Group is one of the largest financial services provider in South Africa offering a variety of services and products.

Sasfin Group Services

Banking services

Sasfin offer business banking services for entrepreneurs through its transactional banking. With transactional banking, you can bank online and get added benefits like direct feed integration into Zero accounting software.

There are two types of personal accounts from Sasfin namely platinum and infinite account. Both accounts are offered by Visa and they both have free internet banking and notifications. With any of the two personal accounts, you get access to consultants that can help you with your banking needs.

You can open an investment account with Sasfin bank with fixed deposits, tax-free savings and call deposits. The bank offers interest of up to 4.91 % effective interest.

With the oldest securitisation vehicle, Sasfin bank provides practical and innovative funding solutions structured to meet the client’s needs. The debt capital management team structures and advises on debt funding solutions for capital acquisitions, expenditure and refinancing of debt.

Capital finance and services

Sasfin offers clients capital raising, acquisition, disposals and other corporate services. This is done by supporting clients through JSE listing and capital raising due to rights issues, listings and secondary market issuances. The company also provide business rescue services and guide companies throughout the process.

With its entrepreneur centric approach, Sasfin helps entrepreneurs access government incentives from the Department of Trade and Industry and Industrial Development Corporation. Sasfin helps companies with the recovery of import duties from the South African Revenue Service.

Innovative risk solution is issued by Sasfin to protect clients products through Sasfin HRS. Sasfin holds binder agreements with reputable insurance underwriters and helps clients get insurance quotes that are risk sufficient.

The division holds experience in guarantees, liability, marine, credit insurance, loss of income, household risks, construction etc.

Sasfin also sees investment opportunities in owner-managed companies. That is because owner-managed companies preserve their culture even after investment. The capital offers start from R10 million to R40 million. These are equity transactions and companies preferred are technology startups.

Sasfin invests in equity property projects. Sizes of the deal need to be between R50 million to R200 million which are considered as mid-market property investments. However, Sasfin does consider projects over R200 million. Sasfin also offers services such as deal structuring, risk assessment and debt raising on property deals.

Wealth services

Sasfin offers asset management services that are equipped with expert fund managers who are capable of meeting the needs of institutional and private investors. Assets management division comes with skilled professionals, independent asset managers, with much experience.

The portfolio management and stockbroking division have been open since 1890. Aiming at wealth management for clients and increasing investment value. This division focuses on investment both locally and abroad, buying and selling stocks using experience, industry knowledge and education.

Those looking for wealth advisory services are catered for by a team of wealth advisors who give objective advice to help advance the client’s financial goals. The company uses international guidelines on financial or wealth advisory to give advice on wealth.

With umbrella retirement fund, Sasfin helps companies ensure that their retirement is taken care of. Sasfin offers pension and provident fund solutions, retirement annuity fund and pension and provident prevention fund to institutions to help meet institutions employee’s needs.

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 as a financial services provider is wealth and institutional centric as it provides services to corporations and high net individuals. It is one of the few companies in South Africa that companies can rely on when it comes to employees retirement packaging.

The company is still controlled by the founders’ grandchildren who continue to grow the company to this day. Sasfin now has multiple divisions since starting the business in 1951 as a textile retail company.

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