SASBO – The Finance Union

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SASBO – The Finance Union is a South African trade union for finance workers. It was founded on 9 March 1916 in Johannesburg and today has about 70,000 members. It is affiliated with COSATU. The current leadership includes President Tsietsi Mafabatho, Deputy President Rosemary Rauleka, and General Secretary Joe Kokela (2015–2024).

History: The union began to protect staff who faced low numbers and high living costs during World War I. In 1920 it led a one-day strike for higher pay, claimed to be the first such strike by bank clerks in the British Empire. By the mid-1920s it had grown and joined the South African Trades Union Congress. Over the years it joined or left various federations and, in 1981, absorbed unions representing non-white workers. In 1994 it absorbed the Finance Industry Workers’ Union, and since 1995 SASBO has been affiliated with COSATU.

Role and stance: SASBO is seen as a moderate, non-political union that supports profits with social responsibility.

Recent activity: In 1999–2000 SASBO helped block a Nedbank takeover of Standard Bank to protect jobs, lobbying the Finance Minister and the Competition Commission; the merger did not proceed.