{"id":866609,"date":"2026-07-17T10:28:01","date_gmt":"2026-07-17T08:28:01","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=866609"},"modified":"2026-07-17T10:28:04","modified_gmt":"2026-07-17T08:28:04","slug":"end-of-an-era-for-75-year-old-banking-giant-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/866609\/end-of-an-era-for-75-year-old-banking-giant-in-south-africa\/","title":{"rendered":"End of an era for 75-year-old banking giant in South Africa"},"content":{"rendered":"\n

The South African Reserve Bank (SARB) has officially cancelled Sasfin’s banking licence, bringing the group’s banking operations to a final close.<\/p>\n\n\n\n

The SARB gave notice of the cancellation, effective from 30 June 2026.<\/p>\n\n\n\n

The registration of Sasfin Bank was cancelled, with the registration of the Sasfin Group simultaneously cancelled in terms of section 48 of the Banks Act.<\/p>\n\n\n\n

The cancellation follows a two-year shutdown of the bank as the broader Sasfin Group faced a series of challenges.<\/p>\n\n\n\n

This included allegations of money laundering and illicit financial flows in its banking business.<\/p>\n\n\n\n

The banking business was also hit with a R210 million fine by the Prudential Authority for historical non-compliance in Sasfin Bank\u2019s discontinued foreign exchange business.<\/p>\n\n\n\n

Sasfin is also embroiled in a legal battle with the South African Revenue Service (SARS) for around R5 billion<\/a>, with the taxman claiming that Sasfin owes money for Sasfin\u2019s customers who evaded tax.<\/p>\n\n\n\n

Sasfin was founded in 1951 as a textile importer and shifted to the financial sector in the 1970s. It attained its banking licence in 1999.<\/p>\n\n\n\n

In 2024, the group announced it would exit its banking business<\/a> and focus on its asset management and rental finance operations.<\/p>\n\n\n\n

Customers had until 2 March 2026 to withdraw all funds from their accounts. If the funds were not moved, Sasfin nominated another bank to transfer them.<\/p>\n\n\n\n

The group had already sold its Capital Equipment Finance and Commercial Property Finance loan books to African Bank in a deal worth over R3 billion a year prior.<\/p>\n\n\n\n

In addition to exiting banking,\u00a0Sasfin\u00a0delisted from the JSE at the end of 2024 to reduce regulatory costs and focus on its core businesses. It was listed on the JSE in 1987.<\/p>\n\n\n\n

The final step of the banking exit was relinquishing its banking licence, which has now been completed.<\/p>\n\n\n\n

It has shifted its focus to being an investment-holding company, with its Wealth subsidiary in focus. In March 2026, it rebranded this subsidiary from Sasfin Wealth to Otto1890.<\/p>\n\n\n\n