Sasfin Wealth Rebrands as Otto1890 Following JSE Delisting and Total Exit from South African Banking Sector

Sasfin Wealth becomes Otto1890 as the group exits the JSE and relinquishes its banking license amid a R5 billion legal battle with SARS.

By: AXL Media

Published: Mar 25, 2026, 8:29 AM EDT

Source: Information for this report was sourced from BusinessTech

A Strategic Pivot to Global Investment Specialization

The rebranding of Sasfin Wealth to Otto1890 marks a definitive end to an era for one of South Africa’s oldest financial institutions. The new identity pays homage to founder Otto Pollak and the year 1890, when he first established ties with the Johannesburg Stock Exchange. This name change is not merely cosmetic but signals a fundamental shift in corporate strategy as the firm distances itself from the "wealth" label to position itself as a global investment specialist. Managing over R100 billion in assets, the entity now operates with its own independent board and management team, aiming for sustainable growth outside the shadow of its former banking operations.

Systemic Retreat from the National Banking Landscape

The launch of Otto1890 coincides with a massive structural overhaul of the broader Sasfin Group, which has officially moved to exit the banking industry entirely. Following a process that began in 2024, the group has transitioned into an investment-holding company and is currently in the process of relinquishing its banking license. Retail and commercial customers were given until March 2, 2026, to withdraw all funds, with remaining balances transferred to a nominated external bank. This exit was preceded by the R3 billion sale of Sasfin’s capital equipment and commercial property finance books to African Bank, effectively stripping the group of its traditional lending pillars.

Regulatory Pressures and Multi Billion Rand Legal Battles

The decision to delist from the JSE and shutter banking operations follows a period of intense regulatory and legal scrutiny. In 2024, the Prudential Authority leveled a R210 million fine against the group for historic non-compliance within its now-discontinued foreign exchange business. More significantly, Sasfin remains locked in a high-stakes legal confrontation with the South African Revenue Service (SARS) over claims totaling approximately R5 billion. The tax authority alleges that the bank is liable for taxes evaded by its former customers, a claim that has placed immense financial and reputational pressure on the group’s leadership.