Swiss wealth-management bank set to pay €1.1bn for Saxo Bank stake

Swiss wealth-management bank set to pay €1.1bn for Saxo Bank stake

Swiss wealth-management bank J Safra Sarasin has agreed to buy 70pc of Denmark’s Saxo Bank, in one of the biggest private banking deals in recent years.

Danske Saxo Bank has acquired a new majority owner in the form of the Swiss financial group Safra Sarasin Group. The Swiss, according to a press release from Saxo Bank, have bought 70 percent of the shares of the former...

Bank Sarasin Acquires 70% Majority Stake in Denmark’s Saxo Bank - Fintech Schweiz Digital Finance News - FintechNewsCH

J. Safra Sarasin Group has signed an agreement to acquire approximately 70% of Saxo Bank, previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd (China), and Mandatum Group (Finland). J. Safra Sarasin, a Swiss private banking group based in Basel, aims to expand its financial services through this acquisition. Saxo Bank, headquartered in Copenhagen, Denmark, will continue to operate as an independen…

The Swiss private bank J. Safra Sarasin agreed to buy 70% of the Danish Saxo Bank in a deal valued at around 1.1 billion euros, Saxo Bank reported on Monday (10). Reuters reported last year that the Danish group, which offers digital investment and trading services, was exploring different strategic options, including a sale.

J. Safra Sarasin, the Swiss-based private banking and wealth management arm of the Safra family, has just bought 70% of the Danish Saxo Bank, in its first investment in a fintech in history. Safra valued the Danish bank at €1.7 billion, which made it disburse €1.1 billion for the participation of Geely Financials Denmark. The rest will remain in the hands of founder Kim Fournais. “It's a strategic decision, because we know that technology is bec…

The bank's founder and CEO, Kim Fournais, will continue to lead the institution and hold a stake of approximately 28%.