Reviews

Sasfin Bank Ltd review 2022

Published by
Staff Writer

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.

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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 presently generates revenue in excess of R2 billion and has total assets valued at R14.6 billion. The bank is continuing to expand and diversify its operations within the financial industry. Sasfin bank provides financial services to businesses, corporations, institutions, and high net worth people. The bank provides its customers with loans, credit and debit cards, financial services, and a savings platform.

Brief history of Sasfin bank

Sasfin was founded in 1951 as a textile selling company by Roland Sassoon’s father. At the age of 17, Ronald Sassoon joined Sasfin. At the time, the corporation was a small-scale trading and debt finance firm. In the 1960s, the corporation was transformed into a financial business. Sasfin was thereafter listed on the Johannesburg Stock Exchange (JSE) in 1987 as a trade and equipment financier. The company securitized its equipment finance portfolio in 1991.

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Securitisation of its equipment finance book was revolutionary at the time and remains South Africa’s oldest securitisation vehicle. Sasfin purchased Frankel Pollak in 2001, forming Sasfin Securities. The acquisition of Frankel Pollak was an attempt to break into a market dominated by high-net-worth individuals. The wealth disparity continues to widen. Sasfin continued to acquire and replicate Sasfin Bank, Sasfin Wealth, and Sasfin Capital along the road.

Today, Sasfin Group is one of South Africa’s major financial services providers, offering a diverse range of financial services and products.

Sasfin Group Services

Banking services

Sasfin’s transactional banking division provides business banking services to entrepreneurs. You may bank online using transactional banking and take advantage of additional perks like as direct feed integration into Zero accounting software. Sasfin offers two types of personal accounts: platinum and endless. Both accounts are offered by Visa and include complimentary online banking and notification services.

With either of the two personal accounts, you gain access to financial advisors who can assist you with your banking needs. With Sasfin bank, you can open an investment account with fixed deposits, tax-free savings, or call deposits. The bank offers an effective rate of interest of up to 4.91 percent. Sasfin bank, through its oldest securitisation vehicle, provides practical and innovative funding options tailored to the client’s needs.

The debt capital management team organizes and advises on debt financing solutions for capital expenditures, acquisitions, and debt refinancing.

Capital finance and services

Sasfin provides capital raising, acquisition, disposition, and other corporate services to its clients. This is accomplished through assisting customers with JSE listing and capital raising activities such as rights issues, public offerings, and secondary market issuances. Additionally, the company provides business rescue services and guides businesses through the process. Sasfin assists entrepreneurs in obtaining government incentives from the Department of Trade and Industry and the Industrial Development Corporation through its entrepreneur-centric strategy.

Sasfin assists businesses in recouping import tariffs levied by the South African Revenue Service. Sasfin’s innovative risk solution, Sasfin HRS, is used to protect clients’ products. Sasfin has binding agreements with reputed insurance underwriters and assists clients in obtaining risk-adjusted insurance prices. The division has experience in a variety of areas, including guarantees, liability, maritime, credit insurance, income protection, home risks, and construction.

Additionally, Sasfin sees investment prospects in owner-managed businesses. This is because owner-managed businesses retain their culture following investment. Capital bids range between R10 million and R40 million. These are equity deals involving technology startups. Sasfin invests in real estate projects with a focus on equity. The deal must be between R50 million and R200 million in value and be classified as a mid-market property investment.

Sasfin does, however, examine projects above R200 million. Sasfin also provides property-related services such as deal structuring, risk assessment, and debt financing.

Wealth services

Sasfin Asset Management provides asset management services through a network of skilled fund managers capable of satisfying the needs of institutional and private investors. The asset management section is staffed by highly skilled experts who are self-employed asset managers with extensive expertise. Since 1890, the portfolio management and stockbroking divisions have been open. Aiming to manage customers’ wealth and maximize the value of their investments.

This section specializes in domestic and international investing, purchasing and selling stocks based on expertise, industry knowledge, and education. Wealth advisory services are provided by a team of wealth advisors that provide objective counsel to assist clients in achieving their financial goals. The company provides wealth advice in accordance with worldwide financial or wealth advising standards.

Sasfin assists businesses in ensuring their retirement security through an umbrella retirement fund. Sasfin assists institutions in meeting their employees’ pension and provident fund needs by offering pension and provident fund solutions, retirement annuity funds, and pension and provident prevention funds.

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
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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.

Sasfin Bank Ltd review 2022
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