After announcing its intention of sale approximately eight months ago, Saxo Bank has confirmed that it has reached an agreement with J. Safra Sarasin Group to sell a majority 70% stake in the company. The deal comes after an extensive review process initiated with the help of investment bank Goldman Sachs.

Saxo Bank’s majority stake, previously held by China’s Geely Group (just under 50%) and Finland’s Mandatum (around 20%), will now be acquired by the Swiss banking group. Both Geely and Mandatum had expressed their intent to exit the business. Earlier, Saxo had sought to offer liquidity to these stakeholders through an IPO involving a SPAC merger, but the plans were abandoned in late 2022.

Saxo Bank Announces Sale of 70% Stake to J. Safra Sarasin Group

Kim Fournais, co-founder and current CEO of Saxo Bank, will not be part of the sale. He will continue to hold around 28% of the company. The financial terms and the valuation of Saxo Bank have not been disclosed by the involved parties.

This acquisition is contingent upon obtaining regulatory approvals, including from Switzerland’s FINMA and the Dubai DFSA, as well as other authorities in jurisdictions where Saxo is licensed.

Jacob, Chairman of J. Safra Sarasin Group, expressed his enthusiasm, stating: “This strategic acquisition represents a significant milestone for J. Safra Sarasin. It creates new opportunities for expansion and strengthens our competitive edge. It underscores our long-term commitment to innovation and client success.”

Kim Fournais also shared his thoughts, emphasizing the partnership’s importance for Saxo’s future. “This marks an inflection point for Saxo,” he said. “I am proud and comforted knowing we’ve found the right long-term partner in J. Safra Sarasin.”

Also, Daniel Belfer, CEO of J. Safra Sarasin, further emphasized the group’s strategic focus on innovation and excellence through acquisitions, noting that the addition of Saxo Bank aligns with their long-term vision for growth and industry leadership.

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