banking Featured management

Investec gets two heads

Fani Titi who has been a non-executive director on the Investec Group Board since January
2004 and Chairman of the Group since November 2011, and Hendrik du Toit the founding CEO
of Investec Asset Management and an Executive Director of the Group since December 2010,
will be appointed as CEO Designates on 1 April 2018. On 1 October 2018 they will become
Joint CEOs of the Group and will be held jointly accountable and responsible for the leadership
and management of the Investec Group. Hendrik will remain CEO of Investec Asset
Management until 30 September 2018 to ensure an orderly transition in this business.

Kim McFarland, Chief Operating Officer (“COO”) and Chief Financial Officer (“CFO”) of Investec
Asset Management since December 1993, will take over as Group Finance Director on 1 April
2019. Kim will become an executive director of the Investec Group Board on that date. Kim will
continue with her duties as COO and CFO of Investec Asset Management until 31 March 2019
to support an orderly transition in this business.

Ciaran Whelan, who has held various senior positions globally with the Investec group over the
past 30 years, and who is currently Global Joint Head of the Specialist Bank and Global Head of
Private Banking, will be appointed to the Investec Group Board as an executive director on 1
April 2018. Ciaran will succeed Glynn Burger as Director of Risk on 1 April 2019. Ciaran
remains the Global Head of the Private Bank until 31 March 2019.

Stephen Koseff (Chief Executive Officer (“CEO”) of the Investec Group), Bernard Kantor
(Managing Director of the Investec Group) and Glynn Burger (Risk and Finance Director of the
Investec Group) are considered to be part of the “founding members” of Investec and for almost
40 years, together with the Board and the Group’s senior management team, have steered the
Group to becoming an internationally recognised specialist bank and asset manager.

As part of the Group’s orderly succession plan to move from founding members to the next
generation of leadership, Stephen Koseff and Bernard Kantor will step down from their roles on
1 October 2018. From that date until 31 March 2019 they will continue to serve as executive
directors and be available to provide support and advice to the incoming executives. As from 1
April 2019 they will become non-executive directors.

Glynn Burger, Group Risk and Finance Director, will retire on 31 March 2019. Glynn will become
a non-executive director on certain subsidiary and associate boards, and he remains available
and willing to assist in any capacity that the new management team require him for.

During the transition period Stephen, Bernard and Glynn will work closely with the new
executive designates to ensure a smooth and orderly transition.

Author: Investec

banking entrepreneurship Featured women

WIPHOLD acquires a stake in Sasfin Bank

Sasfin Holdings Limited (Sasfin) is pleased to announce the agreement and conclusion of transaction terms relating to the proposed B-BBEE transaction between Sasfin and Women Investment Portfolio Holdings Limited (WIPHOLD).

The terms include WIPHOLD SPV (a wholly-owned subsidiary of WIPHOLD) subscribing for 25.1% of Sasfin’s issued share capital, post the voluntary repurchase offer referred to below, for a total consideration of R413 million. WIPHOLD and Sasfin have also entered into a services agreement in terms of which WIPHOLD will provide Sasfin with services relating to promoting and growing Sasfin’s business, particularly in the area of business development and in key internal focus areas such as group procurement, recruitment, stakeholder relations and providing the Sasfin group with strategic inputs in its transformation journey. In addition to the above, WIPHOLD has further undertaken to become a shareholder of reference to Sasfin.

Due to Sasfin’s strong capital position, Sasfin has no need for the capital raised from the transaction and will be returning the proceeds of the subscription to shareholders through a voluntary repurchase of shares. Should the entire allocation be tendered, as is expected, the subscription price would equate to R51 per Sasfin share.

According to Sasfin CEO Roland Sassoon, concluding terms with WIPHOLD represents a milestone for the Sasfin Group: “We are extremely excited to conclude a B-BBEE transaction with an investor of WIPHOLD’s calibre. This transaction underscores Sasfin’s commitment to transformation and will result in Sasfin having the highest black equity ownership of any JSE-listed banking group.

“Given the strategic nature of WIPHOLD’s shareholding and the excellent cultural fit between our respective organisations, we believe this transaction places Sasfin in a strong position to become a far more meaningful player in many of our activities. WIPHOLD is highly reputed and has experience in banking and financial services, having been owners of, and partners to, a number of well-known financial services concerns,” Sassoon said.

Speaking on the conclusion of the terms of agreement, WIPHOLD founders Louisa Mojela and Gloria Serobe were excited at the prospect of working closely with Sasfin’s board and executives in growing the business and building Sasfin’s stakeholder and corporate relations: “Financial services has always been a key focus for WIPHOLD. The sector is a cornerstone of any economy and critical to realising WIPHOLD’s vision of the economic empowerment of black women.

“We are therefore delighted to further build our operational presence in the sector through our new partnership with Sasfin. WIPHOLD focuses on investing in businesses that we believe have the ability to deliver strong returns over the long-term and that have high calibre management and impeccable corporate governance. Sasfin more than meets those criteria. We look forward to working together to grow and transform the business,’’ Serobe said.

After the conclusion of the transaction, WIPHOLD will hold 25.1% of the ordinary shares in the issued capital of Sasfin.

The transaction remains subject to a number of conditions including regulatory and shareholder approvals.

Author: Sasfin

Issued on: 8 June, 2017
For media queries, please contact: 
Cathryn Pearman
Head: Marketing and Communications


banking barriers to entry innovation


The Centre for Competition, Regulation and Economic Development (CCRED), in association with National Treasury, has the pleasure of inviting you to the following workshop:


Retail banking in South Africa was, for a long time, not the terrain for new entrants. Small banks failed, or were relegated to the margins, with the big four banks dominating the market. Capitec appears to have scaled the high barriers to entry in this sector to become a disruptor in the market. However, it remains a small player, attracting less than 5 percent of retail deposits by 2014. This study on retail banking focuses on the entry and expansion of Capitec Bank as a case study. Capitec’s entry into a concentrated sector with high barriers to entry (such as capital requirements, payment system rules and customer switching behaviour) is a remarkable success in recent South African corporate history.


Join CCRED in partnership with National Treasury for reflections on the results of the study and implications on policy.

Date:                                      Thursday, 17 March 2016

Time:                                     16h00-18h00

Venue:                                   CCRED Seminar Room, 2nd Floor, 5 Sturdee Avenue, Rosebank, Johannesburg

RSVP by email:    


Parking is available at the venue, on the street (Sturdee Avenue) and in Rosebank Mall from the Sturdee Avenue entrance. The venue is also accessible using the Gautrain. (11 minutes’ walk).

banking credit rating Video

Reflections on the downgrade

Interview with eNCA