Sasfin and current management of Saxo Capital Markets South Africa (SCMSA) to acquire SCMSA from Saxo Bank

“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” says SCMSA senior executive Richard North

Saxo Bank

Sasfin Holdings Limited (Sasfin), Saxo Bank A/S (Saxo Bank) and the management of SCMSA are pleased to announce that Sasfin and the management of SCMSA have agreed to acquire SCMSA from Saxo Bank, subject to the fulfilment of certain conditions precedent. Following the implementation of the deal, the parties will continue to collaborate, leveraging Saxo Bank’s unique technology and global market access. Clients of SCMSA will therefore continue to have access to the same broad product range and platforms as they are used to.

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

Sasfin, a diversified business and wealth banking group, works with various global custodians and trading platforms to manage global investment portfolios for private and institutional investors, and will hold an indirect minority stake in SCMSA.

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.

Current clients of SCMSA will see no change in their legal and contractual basis with Saxo Bank and SCMSA, providing continuity of business. As Saxo Bank drives its open architecture strategy, current and potential clients will see an enhanced user experience for the local financial markets incorporating regulatory reporting and market data management.

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 our 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.”

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<