Sandile Shabalala, former CEO of digital bank TymeBank, has joined financial services group Sasfin as chief executive of business and commercial banking, effective January 2022.
The new appointment follows a number of recent key hires, as the company prepares the imminent launch of digital banking products and services.
Sasfin is a bank-controlling organisation that has been listed on the Johannesburg Stock Exchange since 1987. The company and its subsidiaries, notably Sasfin Bank, provide a range of specialist financial products and services for business and wealth clients.
In a SENS business update this morning, Sasfin says Shabalala was appointed as part of the group’s strategy to turn the local digital business banking space on its head, after significantly strengthening its business and commercial banking team, as well as its product proposition, over the last 24 months.
Shabalala was with TymeBank, SA’s first digital-only bank, from inception until June 2019. Prior to that, he was with Nedbank for 11 years, with his last role as head of business banking at the big-four bank.
Sasfin believes Shabalala, having successfully led the establishment and later launch of TymeBank, is a powerful addition to the purpose-driven bank.
"Based upon what we have planned, I couldn't have asked for a better combination of experience than the track record Sandile has, having led a business banking unit within a large traditional bank and having been CEO of a digital challenger bank,” says Michael Sassoon, group CEO of Sasfin.
“His vision is very much aligned with where we are headed. Having met many potential candidates, Sandile was clearly the right fit, given his passion, vision and experience. South Africa needs leaders like Sandile to help get businesses going again. Sandile is a proven entrepreneurial banking leader that can deliver on our purpose and champion the needs of business.”
According to Sassoon, Sasfin has big ambitions for the brand and getting the right person to lead it was essential.
Last year, Sasfin received funding from FMO, the Dutch Development Bank, and subsequently announced plans to take its digital business banking to the next level, with plans to grow its SME lending business unit, which helps entrepreneurs and investors grow their businesses and global wealth.
The group says at 30 June, it had R7.3 billion gross loans and advances extended to clients, R54 billion in local and offshore assets under management and advice, and 5 168 transactional banking accounts.
The company adds that its significant investment in digital capabilities has enabled it to transform the way it works and the banking experience for its clients. In addition, Sasfin has brought together client-centred specialists, digital capabilities and talent, as well as deep lending expertise.
“Given the large investment made to date, and under Sandile’s leadership, we are confident we can disrupt the business banking space further and continue to bring meaningful value to our business clients," adds Sassoon.
Shabalala comments: "Sasfin has a huge opportunity to be a focused bank in the business banking space. There is scope to support SMEs who lack resources, by offering more than traditional business banking, by guiding them and delivering value-added expertise and resources.
“My move to Sasfin is about delivering value beyond banking to the business segment which I believe would be hugely appreciated. This will help grow businesses and the economy. As we got to know each other during various phases of the interview process, I saw a lot of drive and ambition, a robust strategy and good values.”
Sasfin, adds Shabalala, is not only about digital banking, but going beyond banking innovation to simplify and support the life of an entrepreneur in all aspects.
"Sasfin is independent and has an entrepreneurial track record. This means there is an agility to make things happen and be forward-thinking. This segment of businesses will have a real affinity with that, especially as we get the formula right by going the extra mile and untangling the complexity,” concludes Shabalala.
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