Voluntary announcement: acquisition by Sasfin of SCMSA from SAXO bank - SFN/SFNP
SASFIN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1987/002097/06)
Ordinary share code: SFN ISIN: ZAE000006565
Preference share code: SFNP ISIN: ZAE000060273
VOLUNTARY ANNOUNCEMENT REGARDING THE ACQUISITION BY SASFIN AND THE
MANAGEMENT OF SAXO CAPITAL MARKETS SOUTH AFRICA (“SCMSA”) OF SCMSA FROM
SAXO BANK A/S (“SAXO BANK”)
Sasfin, 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 (“Acquisition”). Following the implementation of the transaction, 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
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
“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 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 to. 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.”
The Acquisition is below a Category 2 transaction as envisaged in the JSE Limited Listings
Requirements. This announcement is, therefore, voluntary and has been made in order to keep
Sasfin shareholders apprised of the ongoing activities of the group.
17 April 2018
Sasfin Capital (a member of the Sasfin group)
Deloitte & Touche Sponsor Services (Proprietary) Limited
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