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{{Short description|South African bank}}
{{Short description|South African bank}}
{{Use dmy dates|date=April 2022}}
{{multiple issues|
{{Unreferenced|date=November 2019}}
{{advert|date=November 2019}}}}
{{Infobox company
{{Infobox company
| name = Sasfin Bank
| name = Sasfin Bank
| logo = Sasfin Bank logo.svg
| logo = Logo_of_Sasfin_Bank.jpg
| type = [[Private company|Private]]
| type = [[Private company|Private]]
| foundation = 1951
| foundation = 1951
| location = [[Johannesburg]], South Africa <br> [[Hong Kong]]
| location = [[Johannesburg]], South Africa <br /> [[Hong Kong]]
| key_people = Michael Sassoon [[Chief Executive Officer]]
| key_people = Michael Sassoon [[Chief Executive Officer]]
| num_employees =
| num_employees =
Line 18: Line 16:
| parent =
| parent =
}}
}}
'''Sasfin Holdings Limited''' is a bank-controlling company that listed on the Johannesburg Stock Exchange (JSE) in 1987. Sasfin and its subsidiaries, notably Sasfin Bank Limited, provide a comprehensive range of specialist financial products and services for Business and Wealth clients. This range of financial products and services focuses on the needs of entrepreneurs, corporates, institutions, and high-net-worth individuals.
'''Sasfin Holdings Limited''' is a South African based bank-controlling company that listed on the [[Johannesburg Stock Exchange|Johannesburg Stock Exchange (JSE)]] in 1987. Sasfin and its subsidiaries, notably Sasfin Bank Limited, provide financial products and services for business and wealth clients.<ref name=":0">{{Cite web |title=Project detail - SASFIN BANK LIMITED - FMO |url=https://www.fmo.nl/project-detail/52269 |access-date=2022-08-23 |website=www.fmo.nl}}</ref> Sasfin is currently led by CEO Michael Sassoon, and is headquartered in [[Johannesburg]], [[South Africa]]. It has several regional offices, as well as an office in [[Hong Kong]].<ref>{{Cite web |title=A new era for Sasfin |url=https://www.news24.com/Fin24/a-new-era-for-sasfin-20190424 |access-date=2022-08-23 |website=Fin24 |language=en-US}}</ref>


Sasfin was founded in 1951, and for several decades, its target market was the entrepreneur and small and medium enterprises. Following the granting of Sasfin's banking licence in 1999 and the acquisition of stockbroking firm Frankel Pollak (with a legacy dating back to 1890) in 2000, Sasfin's target was expanded to include high-net-worth individuals and corporates.
Sasfin was founded in 1951, and for several decades, its target market was the entrepreneur and small and medium enterprises. Following the granting of Sasfin's banking licence in 1999 and the acquisition of stockbroking firm Frankel Pollak (with a legacy dating back to 1890) in 2000, Sasfin's target was expanded to include high-net-worth individuals and corporates.<ref name=":0" />


== Controversy ==
With the development of Sasfin Wealth's Asset Management and Asset Consulting businesses, and the acquisition of a Fixed Income team in 2013, Sasfin expanded its target market to include institutional clients.
The [[Daily Maverick]] reported that the [[South African Revenue Service]] (SARS) had found evidence that Sasfin employees had helped facilitate the laundering and illegal transfer of R3 billion (US$172 million) out of South Africa on behalf of [[Gold Leaf Tobacco Corporation]] (GLTC) in 2017.<ref name=":1">{{Cite web |last=Wyk |first=Pauli van |date=2022-09-11 |title=SCORPIO: Simon Rudland's Gold Leaf Tobacco used Sasfin Bank officials to launder its dirty cigarette money – here's how |url=https://www.dailymaverick.co.za/article/2022-09-12-sasfin-gold-leaf-whatsapp-r3bn-dirty-money-washed-through/ |access-date=2022-09-13 |website=Daily Maverick |language=en}}</ref> GLTC had allegedly made the money from the [[Illicit cigarette trade|illicit sale of tobacco]] products in South Africa.<ref name=":1" /> Sasfin CEO Michael Sassoon stated that "Sasfin commits fully to cooperating with the authorities to ensure that justice prevails and will take rigorous action against any employees who may be identified as having participated in misconduct,"<ref name=":1" /> closed its account with GLTC and suspended two employees.<ref>{{Cite web |last=Cronje |first=Jan |title=Sasfin suspends two employees amid claims of fraud with cigarette group Gold Leaf |url=https://www.news24.com/fin24/companies/sasfin-suspends-two-employees-amid-claims-of-fraud-with-cigarette-group-gold-leaf-20220830 |access-date=2022-09-13 |website=Fin24 |language=en-US}}</ref>

Additionally, Sasfin now{{when}} offers transactional banking services to SMEs{{jargon}} and individuals. Its new digital platform, B\\YOND, offers business management tools (payroll, invoicing and more) as well as banking tools on one platform.

Sasfin is currently led by CEO Michael Sassoon, and is headquartered in Johannesburg, South Africa. It has several regional offices, as well as an office in Hong Kong.


==References==
==References==
{{reflist}}
{{reflist}}

==External links==
* [http://www.sasfin.com/ Website of Sasfin Bank]
* [http://www.reservebank.co.za/ Website of Reserve Bank of South Africa]


{{Banks of South Africa}}
{{Banks of South Africa}}
{{Witwatersrand companies}}


[[Category:Banks of South Africa]]
[[Category:Banks of South Africa]]

Latest revision as of 17:05, 25 September 2024

Sasfin Bank
Company typePrivate
IndustryFinancial services
Founded1951
HeadquartersJohannesburg, South Africa
Hong Kong
Key people
Michael Sassoon Chief Executive Officer
ProductsLoans, savings, checking, investments, debit cards, credit cards
Websitewww.sasfin.com

Sasfin Holdings Limited is a South African based bank-controlling company that listed on the Johannesburg Stock Exchange (JSE) in 1987. Sasfin and its subsidiaries, notably Sasfin Bank Limited, provide financial products and services for business and wealth clients.[1] Sasfin is currently led by CEO Michael Sassoon, and is headquartered in Johannesburg, South Africa. It has several regional offices, as well as an office in Hong Kong.[2]

Sasfin was founded in 1951, and for several decades, its target market was the entrepreneur and small and medium enterprises. Following the granting of Sasfin's banking licence in 1999 and the acquisition of stockbroking firm Frankel Pollak (with a legacy dating back to 1890) in 2000, Sasfin's target was expanded to include high-net-worth individuals and corporates.[1]

Controversy

[edit]

The Daily Maverick reported that the South African Revenue Service (SARS) had found evidence that Sasfin employees had helped facilitate the laundering and illegal transfer of R3 billion (US$172 million) out of South Africa on behalf of Gold Leaf Tobacco Corporation (GLTC) in 2017.[3] GLTC had allegedly made the money from the illicit sale of tobacco products in South Africa.[3] Sasfin CEO Michael Sassoon stated that "Sasfin commits fully to cooperating with the authorities to ensure that justice prevails and will take rigorous action against any employees who may be identified as having participated in misconduct,"[3] closed its account with GLTC and suspended two employees.[4]

References

[edit]
  1. ^ a b "Project detail - SASFIN BANK LIMITED - FMO". www.fmo.nl. Retrieved 23 August 2022.
  2. ^ "A new era for Sasfin". Fin24. Retrieved 23 August 2022.
  3. ^ a b c Wyk, Pauli van (11 September 2022). "SCORPIO: Simon Rudland's Gold Leaf Tobacco used Sasfin Bank officials to launder its dirty cigarette money – here's how". Daily Maverick. Retrieved 13 September 2022.
  4. ^ Cronje, Jan. "Sasfin suspends two employees amid claims of fraud with cigarette group Gold Leaf". Fin24. Retrieved 13 September 2022.


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