Specialist banking and financial services group Sasfin is hoping to announce a black economic empowerment (BEE) deal soon.
Chairperson Martin Glatt said on Monday that although negotiations leading to a BEE transaction had taken longer than the group had anticipated, Sasfin was at advanced stage of negotiations with potential BEE partners in respect of a 10% interest in the capital of the bank.
“Sasfin will hopefully be able to announce mutually beneficial transactions in the near future,” Glatt wrote in the group’s annual report.
Sasfin CEO Roland Sassoon said the proceeds raised from a R100-million non-redeemable, non-cumulative, non-participating, variable rate preference share capital issue in November last year would be used to fund black empowerment investments in Sasfin Bank as well as to fund the group’s growing investment in private equity.
Glatt added that the group was also facilitating empowerment within its own niche markets and, in this regard, had acquired a 50% interest in Faranani Asset Managers, a black-controlled asset management management company. – I-Net Bridge