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.
