J. Safra Sarasin Group, an entity engaged in private banking and wealth management, has signed an agreement to acquire approximately 70% of Saxo Bank.
The transaction is said to be valued at around $1.19bn.
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The shares were previously held by Geely Financials Denmark, part of Zhejiang Geely Holding Group, and Mandatum Group.
The acquisition, which will see J. Safra Sarasin Group’s client assets increase to $247bn and Saxo Bank’s to $118bn, is aimed at bolstering the long-term potential of both institutions.
Saxo Bank CEO and founder Kim 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. roup with over 180-year heritage and long-term perspective.”
Saxo Bank, established in Copenhagen in 1992, offers multi-asset trading solutions and serves as a fully licenced bank under Danish FSA supervision.
With an advanced open banking technology (BaaS), Saxo powers over 150 financial institutional partners worldwide.
Saxo Bank will complement Safra Sarasin’s wealth management solutions.
Saxo Bank’s CEO and founder, Kim Fournais, will continue to lead the bank, maintaining a 28% ownership.
Saxo Bank will remain a standalone entity, preserving its brand and operational independence.
J. Safra Sarasin Group 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 transaction awaits approval from regulatory bodies, including the Swiss Financial Market Supervisory Authority (FINMA) and the Dubai Financial Services Authority (DFSA).
In October 2024, Saxo Bank introduced a new investment platform through Saxo UK, aimed at buy-and-hold and active investors in the UK.
J. Safra Sarasin operates banks in over 30 locations across Europe, Asia, the Middle East, Latin America, and the Caribbean.
It manages client assets totalling CHF224bn ($254.5bn) and employs approximately 2,550 people, with stockholders’ equity amounting to CHF5.8bn ($6.5bn).
