Sasfin Holdings Limited (Sasfin), Saxo Bank and the management of SCMSA are pleased to announce that Sasfin and the management of SCMSA have agreed to acquire SCMSA from Saxo Bank, subject to the fulfilment of certain conditions precedent.
Saxo Bank, headquartered in Copenhagen, Denmark, is a leading multi-asset trading and investment specialist Fintech bank, with clients in more than 170 countries.
Sasfin, a diversified business and wealth banking group, works with various global custodians and trading platforms to manage global investment portfolios for private and institutional investors, and will hold an indirect minority stake in SCMSA.
“Sasfin has been working with Saxo Bank for many years. This transaction further strengthens our association. Saxo Bank makes investing and trading globally accessible to the everyday investor through simple, cost-effective and userfriendly tools. These tools are being used by some of the most substantial institutions in South Africa to solve for their client needs,” says Michael Sassoon, Sasfin Chief Executive Officer.
“The sale is part of our strategy to go deep in certain key markets ourselves and be present in other markets through strong partnerships. We have worked with Sasfin for many years and we are confident that clients will continue to experience the same well-known service and expertise. Through the relationship, clients will continue to benefit from our innovation and have access to the same broad product range and platforms as they are used to. By leveraging our technology and Sasfin’s strong local presence we create a true win-win,” says Kim Fournais, Saxo Bank Chief Executive Officer.
According to Richard North, Head of SCMSA, the transaction represents a milestone in areas of growth and distribution, as the business seeks to gain further critical mass in the local market.
“Sasfin is a very strong partner with a rich legacy in the local South African financial services sector and investing in Fintech businesses. We look forward to investing heavily in local infrastructure and development. We are equally excited about Sasfin’s recent empowerment transaction with WIPHOLD. Through WIPHOLD’s 25.1% shareholding, Sasfin is one of the most empowered banking groups in South Africa in terms of ownership.”