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. Sasfin is currently led by CEO Michael Sassoon, and is headquartered in

Johannesburg Johannesburg ( , , ; Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a megacity, and is one of the 100 largest urban areas in the world. According to Dem ...

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the ...

. It has several regional offices, as well as an office in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

. 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.

Controversy

The

Daily Maverick ''Daily Maverick'' is a South African daily online publication and weekly print newspaper, with offices in Cape Town and Johannesburg. Its readership is spread across South Africa and the world, with approximately 8 million readers per month. I ...

reported that the

South African Revenue Service The South African Revenue Service (SARS) is the revenue service of the South African government. It administers the country's tax system and customs service, and enforces compliance with related legislation. It is governed by the SARS Act 34 of ...

(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 Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...

(GLTC) in 2017. GLTC had allegedly made the money from the illicit sale of tobacco products in South Africa. 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," closed its account with GLTC and suspended two employees.

References

Banks of South Africa Financial services companies of South Africa Companies based in Johannesburg Companies listed on the Johannesburg Stock Exchange {{SouthAfrica-company-stub