Sasfin and Saxo Capital Markets SA (SCMSA) management acquire SCMSA from Saxo Bank

Sasfin and Saxo Capital Markets SA (SCMSA) management have acquired SCMSA from Saxo Bank, subject to certain precedent conditions.

This is a landmark transaction for all parties concerned and for Sasfin in particular, as it continues in its quest to become a meaningful player in the global fintech space through partnerships with other meaningful APIs. In a global landscape of digital technology that enables more efficient, client-centric service, Sasfin has embarked on a number of key projects to ensure that clients are better served; deliver on solutions that will assist them grow their businesses and wealth and that we provide services to new markets. As SCMSA is already positioned as a premium capital markets provider, focused on delivering technology solutions to a broad spectrum of clients, the transaction will enable Sasfin’s clients to access a broader range of securities than what is currently available, locally and internationally, via mobile, web and desktop platforms or state-of-the-art portfolio management systems.

According to Michael Sassoon, CEO of Sasfin, SCMSA enables investors to access global markets seamlessly:

“Sasfin has been working with Saxo Bank for many years. This deal 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.”

Kim Fournais, CEO of Saxo Bank commented:

“The sale is part of our strategy to go deep in certain key markets ourselves and be present in other markets through strong partnerships. We have worked with Sasfin for many years and we are confident that clients will continue to experience the same well-known service and expertise. 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. By leveraging or technology and Sasfin’s strong local presence we create a true win-win.”

According to Richard North, Head of SCMSA, the transaction represents a milestone in areas of growth and distribution, as the business seeks to gain further critical mass in the local market.

“Sasfin is a very strong partner with a rich legacy in the local South African financial services sector and investing in Fintech businesses. We look forward to investing heavily in local infrastructure and development. We are equally excited about Sasfin’s recent empowerment transaction with WIPHOLD. Through WIPHOLD’s 25,1% shareholding, Sasfin is one of the most empowered banking groups in South Africa in terms of ownership.”