Sasfin to acquire an indirect stake in Saxo Bank subsidiary

SASFIN Holdings has entered into an agreement to acquire an indirect minority stake in Saxo Bank’s subsidiary, Saxo Capital Markets South Africa (SCMSA), for an undisclosed amount.

Sasfin said the proposed acquisition was subject to the JSE’s listing requirements.

It said the parties would continue to collaborate, leveraging Saxo Bank’s unique technology and access to global markets.

Sasfin Wealth chief executive Erol Zeki said they expected the transaction to be concluded in the next two months.

Zeki said the acquisition would allow Sasfin to grow its digital platforms and become a meaningful player in global financial technology.

He said SCMSA clients would continue to have access to the same broad product range and platforms.

“The combination of Sasfin, Saxo Bank and SCMSA provides an opportunity to grow SCMSA further through the extraction of the meaningful synergies that exist between all the parties. In addition, an investment into SCMSA will lead to the facilitation of broader trade within the South African financial markets,” Zeki said.

Fintech Saxo Bank is headquartered in Copenhagen, Denmark, and is a leading multi-asset trading and investment specialist fintech bank, with clients in more than 170 countries.

The bank’s trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.

Sasfin chief executive Michael Sassoon said the SCMSA transaction would enable investors to access global markets seamlessly:

“Sasfin has been working with Saxo Bank for many years. This transaction further strengthens our association. Saxo Bank makes investing and trading globally accessible to the everyday investor through simple, cost-effective and user-friendly tools. These tools are being used by some of the most substantial institutions in South Africa to solve for their client needs,” Sassoon said.

Sasfin recently concluded a black economic empowerment transaction with Women Investment Portfolio Holdings, which has a 25.1 percent stake in the group.

SCMSA chief executive Kim Fournais said the sale was part of their strategy to go deep in certain key markets and be present in other markets through strong partnerships.

“Through the relationship, clients will continue to benefit from our innovation and have access to the same broad product range and platforms as they are used to. By leveraging our technology and Sasfin’s strong local presence, we create a true win-win,” Fournais said.