NEWS ANALYSIS: Wiphold has a plan for Sasfin transformation
Banker Sasfin’s empowerment deal with Women Investment Portfolio Holdings (Wiphold) has shown once again that the investment company is not going to be a silent partner. Wiphold, which Louisa Mojela, Gloria Serobe, Wendy Luhabe and Nomhle Canca founded in 1994, has agreed to buy 25.1% of the shares in Sasfin for R413.5m But it is what Mojela and Serobe, who still remain at the company after Luhabe and Canca’s departure, are bringing to Sasfin that is interesting. Wiphold has undertaken to become Sasfin’s shareholder of reference during a time in which smaller banks struggle with increasingly stringent capital requirements. In essence, it has promised to stump up the cash if Sasfin ever needed it.The investment company will also put two black women on Sasfin’s boards, one to the board of Sasfin Bank and another to any other "material" Sasfin subsidiary. Wiphold subsidiary WipCapital, which Serobe heads, will provide services to Sasfin, including bringing in new clients, developing it...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.