The Congress of South African Trade Unions (COSATU) congratulates its astute Affiliate, the South African Society of Bank Officials (Sasbo) on turning 110 years. First founded in 1916 during World War I, Sasbo is the oldest bank trade union in the Commonwealth.
The union has evolved from a niche whites-only organisation to an influential, diverse finance union representing workers across 200 financial institutions encompassing banking, insurance and fintech.
In the 1990s Sasbo expanded its scope beyond banking into the broader finance sector and became known as Sasbo – The Finance Union. It affiliated with COSATU in 1995.
The union counts among its highlights the end of 1999 and start of 2000, when it acted in the best interest of its members and played a significant role in opposing Nedcor Bank’s attempted takeover of the Standard Bank Group. Sabso had members at both banks and was worried about potential job losses if the merger went ahead. Sasbo lobbied then Minister of Finance, Trevor Manuel, and the Competition Commission to withhold approval and ultimately the merger did not go through.
In 2018, Sasbo caught the attention of the entire nation with its threatened shut down of the banking sector in defence of bank employees subjected to mass retrenchments in favour of automation.
Under Sasbo’s determined leadership, SANLAM and Old Mutual substantially increased their employees’ minimum wage and sought to narrow the shameful wage gap where CEOs in the banking and financial sector pay themselves exorbitant salaries at the expense of low paid rank and file staff.
Another highpoint came late last year when Sasbo appointed its first woman General Secretary – Rosemary Rauleka. Previously employed by Absa for 17 years, Rauleka gave up a senior managerial position and joined Sasbo’s leadership ranks as Deputy President and was eventually appointed General Secretary.
Where others fear changes prompted by the digital era, Sasbo foresees harnessing technology to empower and protect every single member, particularly the next generation.
COSATU pledges its commitment to its financial sector Affiliate and cannot wait to see what it will achieve next. Here’s to another victorious 110 years.
Issued by COSATU
Zanele Sabela (COSATU Spokesperson)
Mobile: 079 287 5788 / 077 600 6639
Email: zaneles@cosatu.org.za
