South African Bank Makes Acquisition, Looks for Growth

Stephen Harris

11 May 2006

Sasfin Holdings, the South African-based JSE-listed niche banking, has acquired Mauritian-registered SBM Nedbank International from Nedcor Group through its Hong Kong subsidiary, Sasfin Asia. The deal is worth around $24 million, which represent its net-asset value, plus a 5 per cent premium. SBM Nedbank International will henceforth be named Sasfin Bank International. The transaction will also accelerate Sasfin's international expansion as Mauritius is a low-cost jurisdiction in terms of overheads and taxation. "This acquisition is a major milestone in Sasfin's history. It gives us an international footprint from which we can expand our business, as well use the ability to increase our service offering to our existing client base,” said Sasfin group chief executive officer Roland Sassoon said in a statement.