Images: Supplied
J. Safra Sarasin Group, a leading global private bank and wealth manager, has agreed to acquire approximately 70 per cent of Saxo Bank, from Geely Financials Denmark A/S and Mandatum Group, the companies announced on Monday.
The deal aims to enhance the long-term growth potential of both firms.
J. Safra Sarasin, which manages $247bn in client assets, will become the majority shareholder in Saxo Bank, which holds $118bn in client assets.
Saxo Bank will continue to operate as a standalone entity, with its founder and CEO, Kim Fournais, retaining his leadership role and a 28 per cent stake.
“This strategic acquisition represents a significant milestone for J. Safra Sarasin,” said Jacob J. Safra, chairman of J. Safra Sarasin Group. “It creates new expansion opportunities and further increases our competitive edge while reflecting our unwavering multi-generational commitment to entrepreneurship, sustainability, and client success.”
The acquisition aligns with J. Safra Sarasin’s strategy of expanding into diversified financial businesses.
Plans to integrate Saxo Bank’s digital trading arms and asset management services
The Swiss banking group plans to integrate Saxo Bank’s digital trading and investment platform with its wealth and asset management services.
The bank, founded in 1992 and headquartered in Copenhagen, specialises in online trading and investments for retail and institutional clients, offering banking-as-a-service (BaaS) solutions.
Joining J. Safra Sarasin is expected to strengthen its foundation for growth, particularly in fintech-driven investment solutions.
“For Saxo, our employees, shareholders, clients, and partners, this marks an inflexion point,” said Fournais. “Saxo proudly welcomes J. Safra Sarasin as our new majority shareholder. Their long-term perspective and heritage of over 180 years make them the ideal partner for our continued journey.”
Daniel Belfer, CEO of J. Safra Sarasin Group, said the acquisition reflects the group’s commitment to strategic, long-term investments. “As we look forward to welcoming Saxo Bank’s clients, partners, and employees, we reinforce our dedication to fostering innovation and excellence while maintaining a clear focus on distinct business segments.”
The transaction remains subject to regulatory approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Dubai Financial Services Authority (DFSA).
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