The South African Reserve Bank (SARB) has officially cancelled Sasfin Bank's banking licence, marking the final step in the group's withdrawal from the country's banking sector.
The cancellation took effect on 30 June 2026, with the SARB confirming that both Sasfin Bank's registration and the registration of the Sasfin Group as a banking group had been revoked in terms of Section 48 of the Banks Act.
The move concludes a two-year process during which Sasfin wound down its banking operations to focus on other areas of its business.
Sasfin announced in 2024 that it would exit banking and concentrate on its asset management and rental finance operations.
The decision followed a series of challenges facing the group's banking division, including allegations of money laundering and illicit financial flows.
The bank was also fined R210 million by the Prudential Authority for historical non-compliance linked to its discontinued foreign exchange business.
In addition, Sasfin remains involved in an ongoing legal dispute with the South African Revenue Service (SARS), which is seeking approximately R5 billion in relation to allegations that some of the bank's clients evaded tax.
Founded in 1951 as a textile importing business, Sasfin entered the financial services industry during the 1970s and obtained its banking licence in 1999.
As part of its exit strategy, customers were required to withdraw or transfer funds from their Sasfin Bank accounts by 2 March 2026. Any remaining balances were transferred to another bank nominated by Sasfin.
The group had already sold its Capital Equipment Finance and Commercial Property Finance loan books to African Bank in a transaction valued at more than R3 billion.
Sasfin also delisted from the Johannesburg Stock Exchange (JSE) at the end of 2024, ending a listing that began in 1987, as part of efforts to reduce regulatory costs and streamline its operations.
Having now relinquished its banking licence, the group has repositioned itself as an investment holding company, with a strategic focus on its wealth management business.
Earlier this year, Sasfin rebranded its wealth management subsidiary from Sasfin Wealth to Otto1890 as part of its new corporate direction.