Sasfin Bank
 | |
| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1951 |
| Headquarters | Johannesburg, South Africa Hong Kong |
Key people | Michael Sassoon (CEO) |
| Products | Loans, savings, checking, investments, debit cards, and credit cards |
| Website | sasfin |
Sasfin Holdings Limited (commonly known as Sasfin) is a South African investment-holding company headquartered in Johannesburg. It was formerly a bank-controlling company listed on the Johannesburg Stock Exchange (JSE). Sasfin focuses on building independent financial services businesses; its two principal investments are Otto1890 (formerly Sasfin Wealth) and Sunlyn (rental finance).[1]
Sasfin is led by chief executive officer Michael Sassoon.[1]
History
[edit]Sasfin was founded in 1951. For several decades its primary focus was entrepreneurs and small and medium-sized enterprises.
In 1999 Sasfin was granted a banking licence. In 2000 it acquired the stockbroking firm Frankel Pollak (whose origins date to 1890). These developments expanded its client base to include high-net-worth individuals and corporates.[1][2]
Sasfin listed on the JSE in 1987. It delisted from the exchange at the end of December 2024 as part of a strategic reset.[3]
From 2023 onward the group undertook a major restructuring. It disposed of non-core lending businesses (including capital equipment finance and commercial property finance books sold to African Bank), closed its foreign-exchange operations, settled depositor funds, and exited transactional banking. On 30 June 2026 Sasfin voluntarily relinquished its banking licence to the South African Reserve Bank; the cancellation was gazetted on 17 July 2026. Sasfin Bank Limited is converting from a public company to a private company and is to be renamed Sasfin (Pty) Ltd.[1][2]
Sasfin Wealth was rebranded Otto1890 in 2026, reflecting the legacy of Otto Pollak (linked to the business since 1890). The rental-finance business continues under the long-standing Sunlyn brand.[1][4]
Controversy
[edit]In 2022 the Daily Maverick reported that the South African Revenue Service (SARS) had found evidence that Sasfin employees facilitated the laundering and illegal transfer of approximately R3 billion out of South Africa on behalf of Gold Leaf Tobacco Corporation in 2017. The company closed the relevant accounts and suspended employees. SARS later instituted larger damages claims against Sasfin relating to alleged facilitation of illicit outflows. Sasfin has contested the claims; aspects of the litigation remained ongoing into 2025–2026.[5][6]
References
[edit]- 1 2 3 4 5 "Sasfin: An investment-holding company". Sasfin. Retrieved 28 July 2026.
- 1 2 "Sasfin Bank". South Africa Guide. Retrieved 28 July 2026.
- ↑ "Finalisation Announcement – Offer, Share Repurchase and Delisting". Listcorp / JSE SENS. 20 December 2024. Retrieved 28 July 2026.
- ↑ "Sasfin Wealth rebrands to Otto1890 after 'strategic reset'". Moneyweb. 17 March 2026. Retrieved 28 July 2026.
- ↑ "Gold Leaf Tobacco: SARS claims billions from Sasfin in Rudland money laundering debacle". The Standard. 28 February 2026. Retrieved 28 July 2026.
- ↑ "Sars makes last-ditch bid to force Sasfin to pay up in R5bn illicit outflows case". Business Day. 1 December 2025. Retrieved 28 July 2026.
External link
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