Sasfin keeping faith with transactional banking
Sasfin sticks to its transactional banking offering despite a nearly 37% drop in profits at the division
SASFIN plans to continue plugging away at its transactional banking offering, despite the division having posted millions of rand in losses in the year to June, as it failed to gain traction among both existing and potential clients. "We remain optimistic that the division will over time become an important business for the broader group," Michael Sassoon, head of wealth and capital at Sasfin, said on Monday. He is the son of group CEO Roland Sassoon. For the year to June, Sasfin’s treasury and transactional banking division posted a 36.9% drop in profits to R6.6m. The treasury division, which manages group funds, performed well, but transactional banking posted losses of more than R4m, Michael Sassoon said. The unit, which launched 18 months ago, remains in its formative phase and experienced lower-than-expected client acquisition, with modest uptake among existing clients.
"We haven’t really pushed it," said Roland Sassoon, who believed existing clients would go for the offe...
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