Chinese automotive group Geely has become the majority shareholder in Saxo Bank, a Danish multi-asset trading and investment provider, by increasing its stake in the Danish firm to 51.5%.
In May 2017, the Chinese firm agreed to buy 30% stake in Saxo as part of a diversification strategy.
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In addition, Sampo Group, a Finland-based financial services group, agreed to acquire a 19.9% stake in Saxo for €265m.
Existing Saxo Bank shareholders TPG Capital and SinarMas have accepted the offers of Geely and Sampo and agreed to dispose their stakes of 29.26% and 9.9% respectively.
“With both Geely Group and Sampo Group as key shareholders in Saxo Bank, we have a strong group of owners with a wish and ability to foster long term growth. Geely is well known for its strong power of execution, ability to foster growth and entrepreneurial spirit,” Fournais stated.
The deals are expected to be completed within six months, subject to regulatory nod. Saxo co-founder and CEO Kim Fournais will retain his 25.71% stake.
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