Sasfin and Saxo Bank to work together

Johannesburg – Financial services group Sasfin [JSE:SFN] is to acquire Saxo Capital Markets South Africa (SCMSA) from Saxo Bank.

There will still be an ongoing collaboration between the two companies after the transaction is finalised.

Saxo Bank is a multi-asset trading and investment specialist Fintech bank.

Sasfin said it would leverage “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”.

The group believes that an investment in SCMSA will lead into a broader outlook of trade within the South African financial markets.

Both SCMSA and Sasfin clients will not be affected by the transaction. 

There won’t be any legal and contractual change.

The CEO of Saxo Bank, Kim Fournais, 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”.

Fournais said the partnership was beneficial to all parties.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.02
(+0.05)
ZAR/GBP
21.28
(-0.18)
ZAR/EUR
19.19
(-0.05)
ZAR/AUD
11.80
(-0.15)
ZAR/JPY
0.16
(+0.20)
Gold
1766.88
(-0.05)
Silver
17.91
(-0.42)
Platinum
823.00
(+0.49)
Brent Crude
42.09
(+1.84)
Palladium
1909.00
(+0.66)
All Share
53787.72
(-1.06)
Top 40
49570.88
(-1.20)
Financial 15
10002.37
(-0.31)
Industrial 25
75233.15
(-0.33)
Resource 10
49979.54
(-2.56)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1512 votes
I am taking a hit, but should be able to recover in the next year
23% - 1973 votes
My finances have been devastated
34% - 2948 votes
It's still too early to know what the full effect will be
25% - 2135 votes
Vote