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Sasfin announces 2025 exit from South African banking

23 Oct 2024

After suffering significant losses, Sasfin announced plans to close its Business and Commercial Banking (BCB) division in 2025, joining a growing number of financial institutions exiting their South African banking operations, among them UK-based HSBC and PNB Parabas.

Source: Sasfin.

“This strategy will enable us to focus on our core Wealth and Rental Finance businesses. Significant progress has been made by exiting non-core activities and navigating challenges, positioning us well to execute the remaining strategy in the months ahead,” the group said.

In its delayed financial results for the year ending 30 June 2024, Sasfin cited the ongoing financial strain of its BCB business as a key factor in the decision, with the overall group recording a R60m loss in FY24.

The group plans to exit the BCB business by the end of 2025, and to delist from the Johannesburg Stock Exchange (JSE), and will no longer have banking operations in South Africa.