Sasbo, the South African Society of Bank Officials as it was in 1916, started with members from the National Bank of South Africa Limited, the African Banking Corporation, the Netherlands Bank of South African Limited and the Standard Bank of South Africa Limited. Over time the union became a niche union operating almost exclusively in the Standard Bank of South Africa Limited and the then Barclays National Bank of South Africa Limited.
Sasbo– The Finance Union, as it is now known, having diversified into the finance sector as a whole, has de facto recognition with approximately 20 financial institutions, ranging from banks to insurance companies to pension fund administrators and the like, and has members from nearly 200 financial institutions throughout the country. The union still has a banking flavour though in that the bulk of the membership is from ABSA, First National Bank and the Standard Bank, with Nedcor running a close fourth.
Sasbo – The Finance Union
The Sasbo Constitution is precisely that body of fundamental principles which stipulates what the union is, what it is there to do, how it does it and with what resources. It forms the foundation or cornerstones of the union and its principles govern all the members and full-time staff.
The Constitution is not however cast in stone and has been changed many times since the union’s inception in 1916, each time to enable the union to better address the needs of its members and to reflect the changing times within which the union operated.
The Constitution was recently rewritten in order to comply with the newly enacted Labour Relations Act of 1995 and to bring into being a raft of structures to best enable the union to act in the interests of all of its members. The principles of democracy and member participation are embedded in the wording of the Constitution as they have been for over eighty years.