JOHANNESBURG - Financial services company Sasfin said on Tuesday it had reached a deal to acquire, together with management, Saxo Capital Markets South Africa (SCMSA) from Denmark-based Saxo Bank, subject to the fulfilment of conditions.
"Following the implementation of the transaction, the parties will continue to collaborate, leveraging Saxo Bank’s unique technology and global market access. Clients of SCMSA will therefore continue to have access to the same broad product range and platforms as they are used to," it said.
Saxo Bank, which has its headquarters in Copenhagen, is a multi-asset trading and investment specialist fintech bank, with clients in more than 170 countries.
Sasfin, a diversified business and wealth banking group, works with various custodians and trading platforms to manage global investment portfolios for private and institutional investors, and will hold an indirect minority stake in SCMSA.
An investment into SCMSA will lead to the facilitation of broader trade within South African financial markets," Sasfin said on Tuesday.
- African News Agency