Following the acquisition, Copenhagen-based Saxo will continue to operate as a standalone entity. Its founder and CEO, Kim Fournais, will remain in his role as CEO. He will also retain his 28% stake in the bank. In addition, J. Safra Sarasin will integrate Saxo’s technology platform in its business after the completion of the transaction.
J. Safra Sarasin Group, on March 10, announced that it has acquired a 70% stake in Saxo Bank. The stake was acquired from Geely Financials Denmark, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group, for an undisclosed amount. J. Safra Sarasin is a global asset manager and private bank with experience in wealth management.
The transaction is in line with J. Safra Sarasin’s strategy of acquiring “innovative and diversified financial businesses”, according to the release.
