Switzerland’s J. Safra Sarasin to acquire majority stake in Saxo Bank for around €1.1bn
J. Safra Sarasin Group, a Swiss private bank managing around €226 billion in assets, is set to acquire a majority stake in Danish investment bank and trading service provider Saxo Bank in a deal worth approximately €1.1 billion.
J. Safra Sarasin set to purchase 70% of Saxo Bank
The deal, pending regulatory approval, will see J. Safra Sarasin acquire 70% of Saxo Bank. This includes the purchase of the 49.9% stake held by China’s Zhejiang Geely Holding Group and Finnish investor Mandatum’s 19.83% share.
In a statement, Mandatum says it is selling its share for “approximately EUR 319 million”, which would value the full deal at around €1.1 billion, with Saxo Bank valued at roughly €1.6 billion in total.
Saxo Bank’s CEO and founder Kim Fournais will retain his 28% stake and continue to lead the company.
Established in 1841, J. Safra Sarasin says it intends to integrate Saxo Bank’s digital trading and investment platforms with its own wealth and asset management solutions, enhancing its “international footprint in financial services”.
Saxo Bank, which will continue to operate as a standalone entity, employs 2,300 people across its financial centres in Copenhagen, Amsterdam, Zurich, Dubai, Tokyo, London, and Singapore.
The company currently manages around €108 billion in client assets, offering a wide range of investment services including stocks, bonds, and ETFs.
