Posted inBusiness moves

J. Safra Sarasin buys a majority stake in Saxo Bank

The transaction is aimed at enhancing the global long-term potential of both firms.

J. Safra Sarasin has acquired approximately 70% of fintech Saxo Bank, according to a statement by both firms. The stake was previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group.

Saxo Bank, which is headquartered in Copenhagen, will continue to operate as a standalone entity, with its founder and CEO, Kim Fournais, continuing as CEO and retaining approximately 28% ownership.

Jacob J. Safra, chairman of J. Safra Sarasin Group, said: “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.”

Daniel Belfer, CEO of J. Safra Sarasin Group, added: “This transaction reflects our commitment to thoughtful, strategic acquisitions that support our long-term vision.” 

The deal aims to enhance the global long-term potential of both J. Safra Sarasin Group, with client assets of $247bn and Saxo Bank, with $118bn in client assets. 

J. Safra Sarasin plans to integrate Saxo’s technology platform, and with the support of the Swiss private bank, Saxo intends to strengthen its long-term BaaS partnerships with banks, corporations, family offices, asset managers, and independent wealth managers within its institutional client segment.

Kim Fournais, CEO and founder of Saxo Bank, said: “The win-win opportunities which our business models will create are unique, extending to our employees, clients, and partners.”

The transaction is subject to standard regulatory and other approvals.

Part of the Mark Allen Group.