Michael Sassoon, now firmly in the top seat formerly occupied by his father, discusses his strategy to take Sasfin Holdings forward. A major move is tapping into SA’s unbanked economy, which takes the company in a completely different direction.
Just over a year after taking the reins as CEO of Sasfin Holdings, Michael Sassoon cuts a pretty relaxed figure. In fact, he’s very recently added the head of the group’s banking pillar to his overall corporate responsibilities following the retirement of Roland, his father, who founded and built Sasfin over a period of 50 years.
That sounds like a tough act to follow? “It’s been a great experience, and challenging,”
says Sassoon the younger from Sasfin’s Johannesburg offices. Now, however, the bank is going through cultural change as it adapts to life sans its founder, described by Michael Sassoon as “a force of nature”.
“He’s what I’d call a real entrepreneur: a huge amount of flair, quick decision-maker, very engaged, very involved in every decision ... But I think what we need for our next stage of growth is something that’s a bit more empowering, if that’s the right word?”
Consensus-driven? “More consensus,” replies Sassoon. “And also,
I suppose, it’s the world that’s changed. Maybe people want a bit more space to lead. That’s probably part of what’s happening over here, part of the shift.”
The firm’s recent interim results showing in March represented a return to form: no mean achievement given the underwhelming state of the SA economy. Headline earnings were 60% higher and the group’s credit book was improved.
On the downside, costs grew faster than income which is a metric Sassoon says occupies his mind. It’s worth acknowledging, however, that there’s an expense to evolution. Sasfin is, for instance, responding to the relentless advance and demands of fintech across all its traditional pillars.
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