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SFN SFNP
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Sasfin Holdings Limited - Sasfin Grows Its International Footprint
SASFIN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1987/002097/06)
("Sasfin" or "the Company")
Ordinary share code: SFN & ISIN: ZAE000006565
Preference share code: SFNP & ISIN: ZAE000060273
SASFIN GROWS ITS INTERNATIONAL FOOTPRINT
JSE-listed niche specialist banking and financial services group Sasfin
Holdings Limited has announced the acquisition of specialist Mauritian
registered bank SBM Nedbank International Limited from Nedcor Group Limited
for its net asset value, plus a 5% premium, a total of approximately US$24
million.
The acquisition, which is through Sasfin Bank"s Hong Kong registered
subsidiary, Sasfin Asia Limited, is subject to regulatory approval. SBM
Nedbank International will change its name to Sasfin Bank International
Limited (SBI). The purchase price is payable in cash once the conditions
precedent have been met.
SBI is registered in Mauirtius and has operated as a joint venture between
Nedbank and State Bank of Mauritius (SBM) since 2000. The joint venture
ended recently and Sasfin was offered the opportunity to acquire SBI at its
net asset value, plus a 5% premium. SBI has focused on financing
international trade transactions, sourced both within the Nedcor group and
through is own client base. In addition, SBI has a healthy deposit book and
a small private client business, mostly associated with current account and
credit card transactions hosted via SBM.
SBI"s business synergises exceptionally well with Sasfin"s Business Finance
unit, as -
* it will enable Sasfin to fund its receivables with low cost deposits
rather than more costly inter-bank financing
* it will enable the Sasfin group to issue its own letters of credit
* it will enable the Sasfin group to enter into direct spot and forward
exchange contracts
* it will fast track Sasfin"s international expansion
Mauritius is a low cost jurisdiction in terms of overheads and
taxation, and
* SBI"s staff, under the leadership of CEO Gary Patterson, who is well
known to Sasfin, is well qualified to manage the business.
Sasfin Group CEO Roland Sassoon says, "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.
"Apart from increasing Sasfin"s assets, SBI will add to the Group"s deposit
base, which will allow us to grow our lending businesses significantly.
This will, as always, be with the necessary measure of caution that we have
traditionally and successfully applied in these areas."
Ends
ISSUED FOR : SASFIN HOLDINGS LIMITED
CONTACT : Roland Sassoon Tel: 011 809 7500
FAX NO : 011 887 6167
E-MAIL : agreenstein@sasfin.com
WEBSITE : www.sasfin.com
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart 011 325 4195 / 082 443 6399
FAX NO : 011 325 4199
E-MAIL : tish@tspr.co.za
DATE : 10 May 2006
Date: 10/05/2006 02:37:05 PM Produced by the JSE SENS Department
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