Swiss private lender J. Safra Sarasin Group has announced it will acquire roughly 70% of Saxo Bank, a Denmark-based fintech company, engaged in developing trading and investment platforms.
This stake is being acquired from Zhejiang Geely’s subsidiary Geely Financials Denmark and Mandatum Group.
Through the acquisition, J. Safra Sarasin aims to diversify and enhance its presence in the global financial services market. The financial terms of the deal were not disclosed.
J. Safra Sarasin chairman Jacob Safra said: “This strategic acquisition represents a significant milestone for J. Safra Sarasin. It creates new opportunities for expansion and further increases our competitive edge, while reflecting our unwavering multi-generational commitment to entrepreneurship, sustainability and client success.
“The addition of a leading international fintech bank to our Group further underscores our strong commitment to shaping the future of financial services, creating a robust forward-thinking powerhouse primed for long-term growth.”
Saxo Bank will maintain its independent operations with founder and CEO Kim Fournais continuing in his role and retaining about 28% of the company.
Incorporating Saxo Bank’s digital investment capabilities aligns with J. Safra Sarasin’s strategy of delivering value through innovative financial solutions. J. Safra Sarasin aims to leverage Saxo Bank’s advanced technology to set new standards in wealth management and client service.
Established in Copenhagen in 1992, Saxo Bank is said to be one of the pioneers in the online trading revolution, launching an early platform in Europe by 1998.
Currently, Saxo Bank serves investors, traders, and institutional partners worldwide. With full banking licensure under the Danish Financial Supervisory Authority (FSA), it operates across multiple jurisdictions, continually investing in technology to provide access to global capital markets.
J. Safra Sarasin said that its acquisition provides Saxo Bank with an opportunity to expand its reach and enhance its product offerings while maintaining high standards for client service in digital investments and trading.
Supported by J. Safra Sarasin’s financial framework and international network, Saxo Bank aims to strengthen its Banking-as-a-Service (BaaS) relationships with various financial institutions.
Fournais said: “For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point. I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners.
“Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective.”
Regulatory approvals from authorities such as the Swiss Financial Market Supervisory Authority (FINMA) and the Danish FSA are required for the transaction to proceed.
