Sasfin to stay listed after Wiphold deal
The niche banker ‘is ideally poised for growth with a suite of … financial services businesses’, says Wiphold
Niche banker Sasfin intends to remain listed on the JSE even after its now completed deal with Women Investment Portfolio Holdings (Wiphold) that has resulted in the concentration of group’s shares in the women’s empowerment group and Sasfin’s founding family.
The Sassoon family owns about 40% of Sasfin after Wiphold closed a R413.5m deal to pick up a 25.1% stake last week, with less than 35% in free float.
"As a banking and financial services group, we are committed to transparency to all key stakeholders, which the listing facilitates," said Sasfin CEO Roland Sassoon.
Wiphold investment executive Gugu Dingaan said Sasfin met all of its investment criteria.
"Sasfin, being a diversified financial services group, operates in one of Wiphold’s core areas of focus," Dingaan said.
"It is a well-managed organisation, having as a smaller bank withstood the test of numerous economic crises over the years. This is reflected in its long-term track record of profitability and growth. Sasfin is ideally poised for growth with a suite of … financial services businesses."
Wiphold has nominated directors for Sasfin’s board, subject to Reserve Bank approval.