Parties interested in buying Saambou and its Internet division, 20Twenty, have had a week to perform a due diligence on the bank, and the industry is expecting settlement by 13 March.
Word from 20Twenty is that the curator of Saambou is looking to sell the bank - including the majority shareholding in 20Twenty - as a single unit.
In an e-mail to 20Twenty customers, CEO Christo Davel quotes curator John Louw of accounting firm KPMG as saying: "Having examined the bank for two weeks, I am of the opinion that every effort should be made to do whatever can be done to preserve this institution."
Davel adds: "He's in your corner, fighting for your interests. You have to trust that."
Greg Goeller, SG Securities banking analyst, explains that whichever company buys Saambou, 20Twenty's 40 000-odd customers will be part of the sale.
However, Goeller remains uncertain as to the future of 20Twenty Financial Services.
"In a distressed sale, intangible assets aren't worth anything. No one is going to pay for goodwill when the rest of the sale is at net asset value (NAV) or a discount of NAV."
20Twenty uses Saambou's banking licence as well as its infrastructure. 20Twenty Financial Services, of which Davel is CEO, provides the value-add services, such as customer relationship management and marketing.
Judging by 20Twenty's Web site, as well as this and other publications' feedback pages, whichever company buys Saambou will inherit devoted 20Twenty customers, all of whom promise continued loyalty to the bank, some going so far as to suggest a private buyout of 20Twenty by its account holders.
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