Sasfin Bank

Last updated

Sasfin Bank
Type Private
Industry Financial services
Founded1951
Headquarters Johannesburg, South Africa
Hong Kong
Key people
Michael Sassoon Chief Executive Officer
Products Loans, savings, checking, investments, debit cards, credit cards
Website www.sasfin.com

Sasfin Holdings Limited is a South African based bank-controlling company that listed on the Johannesburg Stock Exchange (JSE) in 1987. Sasfin and its subsidiaries, notably Sasfin Bank Limited, provide financial products and services for business and wealth clients. [1] Sasfin is currently led by CEO Michael Sassoon, and is headquartered in Johannesburg, South Africa. It has several regional offices, as well as an office in Hong Kong. [2]

Sasfin was founded in 1951, and for several decades, its target market was the entrepreneur and small and medium enterprises. Following the granting of Sasfin's banking licence in 1999 and the acquisition of stockbroking firm Frankel Pollak (with a legacy dating back to 1890) in 2000, Sasfin's target was expanded to include high-net-worth individuals and corporates. [1]

Controversy

The Daily Maverick reported that the South African Revenue Service (SARS) had found evidence that Sasfin employees had helped facilitated the laundering and illegal transfer of R3 billion (US$172 million) out of South Africa on behalf of Gold Leaf Tobacco Corporation (GLTC) in 2017. [3] GLTC had allegedly made the money from the illicit sale of tobacco products in South Africa. [3] Sasfin CEO Michael Sassoon stated that "Sasfin commits fully to cooperating with the authorities to ensure that justice prevails and will take rigorous action against any employees who may be identified as having participated in misconduct," [3] closed its account with GLTC and suspended two employees. [4]

Related Research Articles

<span class="mw-page-title-main">R. J. Reynolds Tobacco Company</span> Tobacco company

The R. J. Reynolds Tobacco Company (RJR) is an American tobacco manufacturing company based in Winston-Salem, North Carolina, and headquartered at the RJR Plaza Building. Founded by R. J. Reynolds in 1875, it is the second-largest tobacco company in the U.S.. The company is a wholly owned subsidiary of Reynolds American, after merging with the U.S. operations of British American Tobacco in 2004.

<span class="mw-page-title-main">HSBC</span> British multinational bank group

HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA), respectively. HSBC traces its origin to a hong in British Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991; its name derives from that company's initials. The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866.

<span class="mw-page-title-main">British American Tobacco</span> British multinational tobacco company

British American Tobacco plc (BAT) is a British multinational company that manufactures and sells cigarettes, tobacco and other nicotine products. The company, established in 1902, is headquartered in London, England. As of 2019, it is the largest tobacco company in the world based on net sales.

<span class="mw-page-title-main">Standard Chartered</span> British financial services company

Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.

<span class="mw-page-title-main">Imperial Brands</span> British tobacco company

Imperial Brands plc, is a British multinational tobacco company headquartered in Bristol, England. It is the world's fourth-largest international cigarette company measured by market share after Philip Morris International, British American Tobacco, and Japan Tobacco, and the world's largest producer of fine-cut tobacco and tobacco papers.

<span class="mw-page-title-main">ICICI Bank</span> Indian private development finance institution

ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.

<span class="mw-page-title-main">Standard Bank</span> Bank in South Africa

Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.

<span class="mw-page-title-main">MTN Group</span> Multinational telecommunications company based in South Africa

MTN Group Limited is a South African multinational mobile telecommunications company, operating in many African and Asian countries. Its head office is in Johannesburg. As of December 2020, MTN recorded 280 million subscribers, making it the 8th largest mobile network operator in the world, and the largest in Africa. Active in over 20 countries, one-third of the company's revenue comes from Nigeria, where it holds about 35% market share.

<span class="mw-page-title-main">Transnet</span> South African rail, port and pipeline company

Transnet SOC Ltd is a large South African rail, port and pipeline company, headquartered in the Carlton Centre in Johannesburg. It was formed as a limited company on 1 April 1990. A majority of the company's stock is owned by the Department of Public Enterprises, or DPE, of the South African government. The company was formed by restructuring into business units the operations of South African Railways and Harbours and other existing operations and products.

<span class="mw-page-title-main">Lorillard Tobacco Company</span> Tobacco firm

Lorillard Tobacco Company was an American tobacco company that marketed cigarettes under the brand names Newport, Maverick, Old Gold, Kent, True, Satin, and Max. The company had two operating segments: cigarettes and electronic cigarettes.

<span class="mw-page-title-main">Absa Group Limited</span> South African banking conglomerate

Absa Group Limited, and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management, as well as bank assurance.

Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya. It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central Africa region. The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fibre optic services. It is most renowned as the home of MPESA, a mobile banking SMS-based service.

<span class="mw-page-title-main">Crime in South Africa</span> Overview of crime in South Africa

Crime in South Africa includes all violent and non-violent crimes that take place in the country of South Africa, or otherwise within its jurisdiction. When compared to other countries South Africa has notably high rates of violent crime and has a reputation for consistently having one of the highest murder rates in the world. The country also experiences high rates of organised crime relative to other countries.

<span class="mw-page-title-main">Maria Ramos</span>

Maria Ramos is a South African businesswoman, banker and corporate executive who has been serving the chairperson of AngloGold Ashanti since 2020. She previously served as chief executive officer (CEO) of Absa Group Limited. Prior to joining Absa in March 2009, she was the CEO of Transnet. This was after serving as director-general of the National Treasury.

<span class="mw-page-title-main">Liberty Holdings Limited</span>

Liberty Holdings Limited is a financial services and property holding company with registered head office situated in Johannesburg, South Africa at Liberty Centre, 1 Ameshoff St., Braamfontein. The company was founded in South Africa as the Liberty Life Association of Africa Ltd in 1957, by entrepreneur and philanthropist Sir Donald Gordon. Liberty Holdings Limited has operations in South Africa, Kenya, Namibia and other in 16 African countries. South African banking firm Standard Bank Group owns 55% of the Liberty Group.

<span class="mw-page-title-main">Economic Freedom Fighters</span> Political party in South Africa

The Economic Freedom Fighters (EFF) is a South African left-wing to far-left pan-Africanist and Marxist–Leninist political party. It was founded by expelled former African National Congress Youth League (ANCYL) President Julius Malema, and his allies, in 2013. Malema is President of the EFF, heading the Central Command Team which serves as the central structure of the party. It is currently the third-largest party in both houses of the South African Parliament.

<span class="mw-page-title-main">Naspers</span> Multinational holding and investment company

Naspers Limited is a South African multinational internet, technology and multimedia holding company headquartered in Cape Town, with interests in online retail, publishing and venture capital investment. Naspers' principal shareholder is its Dutch listed investment subsidiary Prosus, which owns approximately 49% of its parent as part of a cross ownership structure.

<span class="mw-page-title-main">ITG Brands</span> US tobacco company

ITG Brands, LLC is the third-largest American tobacco manufacturing company in the United States. It is a subsidiary of British multinational Imperial Brands. ITG Brands markets and sells multiple cigarette and cigar brands and sells blu eCigs. The company was created in 2015 and has its production, headquarters, and regulatory compliance facilities located in Greensboro, North Carolina.

<span class="mw-page-title-main">VBS Mutual Bank</span>

VBS Mutual Bank was a South African mutual bank. In 2018 it was declared insolvent and bankrupt and placed under curatorship, with South African citizens and taxpayers defrauded out of roughly R2 billion.

<span class="mw-page-title-main">COVID-19 pandemic in South Africa</span> COVID-19 viral pandemic in South Africa

The COVID-19 pandemic in South Africa is part of the ongoing pandemic of coronavirus disease 2019 (COVID-19) caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).

References

  1. 1 2 "Project detail - SASFIN BANK LIMITED - FMO". www.fmo.nl. Retrieved 23 August 2022.
  2. "A new era for Sasfin". Fin24. Retrieved 23 August 2022.
  3. 1 2 3 Wyk, Pauli van (11 September 2022). "SCORPIO: Simon Rudland's Gold Leaf Tobacco used Sasfin Bank officials to launder its dirty cigarette money – here's how". Daily Maverick. Retrieved 13 September 2022.
  4. Cronje, Jan. "Sasfin suspends two employees amid claims of fraud with cigarette group Gold Leaf". Fin24. Retrieved 13 September 2022.