Sasfin still in talks with Arise


Sasfin still in talks with Arise

Published Date: 2020-03-26 | Source: Stephen Gunnion | Author: Stephen Gunnion

Sasfin still in talks with Arise

The niche bank and financial services group says discussions with the European investment and development company are ongoing.

Sasfin says discussions to sell a stake in its business to Arise B.V. are continuing. The niche bank and financial services group gave no further details in a further cautionary announcement yesterday.

It first alerted shareholders to the talks last November, when it said a successful outcome could result in Arise becoming a shareholder of reference. A shareholder of reference refers to a significant shareholder, though not necessarily a controlling one, that investments in a company for the long-term.

Arise is an investment and development company that was established by Norway's state-owned private equity company Norfund, Dutch development bank FMO and Dutch multinational financial services company Rabobank to hold their respective investments in banks across sub-Saharan Africa. It aims to own strong, locally-owned financial services providers serving SMEs, the rural sector and client who have not previously had access to financial services. Sasfin's roots are in banking small businesses and providing asset finance, although it has expanded into retail and online banking.

Any deal would be subject to regulatory and internal approvals.

Sasfin's shares closed 1c higher at R23.80 yesterday.

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