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 extends a hearty welcome to all members from ABSA
ABSA Group is the controlling company of one of the largest banking and financial services groups in Africa. ABSA was formed in 1991 by the merger of Allied Bank (Allied Building Society established in 1888), Volkskas Group (Volkskas Co-operative Limited established in 1934) and United Bank (United Building Society established in 1889).
TrustBank (Federale Trust Limited established in 1954) joined the ABSA Group when Bankorp merged with ABSA in 1992. ABSA is listed on The Johannesburg Stock Exchange and has approximately 80 000 shareholders.
The formation of The ABSA Group, to a large extent, paved the way for the amalgamation of the two major Finance Sector unions (Sasbo and FIWU) in August 1994.
Sasbo extends a hearty welcome to all members from Standard Bank.
The Standard Bank was founded in Port Elizabeth in 1862. Four years later, diamonds were discovered in the Northern Cape Province and the Bank played a leading part in financing this new industry, and when gold was discovered on the Witwatersrand, it again helped in exploiting this rich treasure house in the Transvaal.
Today the Standard Bank, with its country-wide network of branches and international banking affiliations is equipped to maintain its vital role in helping to promote and finance progress of the South African economy.
Standard Bank of South Africa Limited is a wholly-owned subsidiary of the Standard Bank Investment Corporation Limited. Its Head Office is in Johannesburg.
The relationship between Sasbo and the Standard Bank spans many decades. Sasbo was first recognised by the Standard Bank in 1920 and has since then been representing and protecting the rights and interests of Sasbo members employed by the Standard Bank.