Sasfin Frankel Pollak Securities (SFPS) in the Sasfin Holdings group has
reached agreement in principle with the curator of Regal Treasury Private
Bank to acquire the business of Regal Treasury Securities, effective on 01
July 2001.
The transaction has been sanctioned by the South African Reserve Bank (SARB)
and the JSE Securities Exchange SA (JSE).
In effect, SFPS will acquire the trading, client management and support
teams of Regal Treasury Securities and the transaction will not only give
them job security, but provide comfort for those of the company's clients
wishing to move across to SFPS.
Making the announcement, SFPS CEO Alan Greenstein said it was a commendation
that SFPS had the capital, liquidity, infrastructure and intellectual
capital at ready disposal to conclude an agreement of this nature so
swiftly.
Sasfin is now the only truly independent and entrepreneurial banking and
financial services group in South Africa. This acquisition strengthens both
SFPS and the group's position in the marketplace. "I have little doubt that
we are acquiring a quality team with quality clients and that, in the long
run, they will become significant contributors to the success of the group,"
concluded Greenstein.
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