Wednesday, September 12, 2018

Sasfin in Saxo Capital Markets SA acquisition

Sasfin and Saxo Capital Markets SA (SCMSA) management have acquired SCMSA from Saxo Bank, subject to certain precedent conditions.
The transaction is in line with Sasfin’s quest to become a meaningful player in the fintech space through partnerships with other meaningful Application Programming Interfaces (APIs).
The transaction, Sasfin said, will enable the financial services company’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, said: “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.”
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,” said Richard North, head of SCMSA.
“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.”

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