In the financial services industry, Switzerland’s J. Safra Sarasin Group has agreed to acquire a majority stake in Denmark’s Saxo Bank. This transaction involves the purchase of a 19.8% stake from Finland’s Mandatum and a 49.9% stake from China’s Geely, positioning J. Safra Sarasin as the new majority shareholder of Saxo Bank.
About J. Safra Sarasin Group
Safra Sarasin, established in 1841 and headquartered in Basel, Switzerland, is a prominent private bank offering investment advice and asset management services to both private and institutional clients. The bank became part of the Brazilian J. Safra Group in 2013, following its acquisition and merger with Bank Sarasin & Co. Ltd. The Safra Group, controlled by the Vicky Safra family, operates an extensive international network of banking and financial institutions, alongside industrial ventures, employing approximately 30,000 individuals globally.
About Saxo Bank
Founded in 1992 as Midas Fondsmæglerselskab, Saxo Bank is a Danish investment bank specializing in online trading and investment. The bank offers clients access to a wide array of financial instruments, including Forex, stocks, CFDs, futures, funds, bonds, and futures spreads, through its proprietary online trading platforms. Headquartered in Copenhagen, Saxo Bank operates offices in major financial centers worldwide, such as London, Paris, Zürich, Dubai, Singapore, India, and Tokyo. As of December 2024, its ownership structure included a 49.88% stake by Geely Financials Denmark A/S, a subsidiary of the Chinese Geely Group, a 28.41% stake by founder and CEO Kim Fournais, and a 19.83% stake by Mandatum, a Nordic financial services group.
Implications of the Acquisition
This acquisition signifies a strategic expansion for J. Safra Sarasin Group into the digital trading and investment platform sector, aligning with the growing demand for online financial services. For Saxo Bank, the change in ownership may provide new opportunities for growth and integration within the global operations of the Safra Group. The transaction also reflects the dynamic nature of the financial industry, where institutions continually adapt to technological advancements and evolving client preferences.
The completion of this deal is subject to regulatory approvals and customary closing conditions. Both parties anticipate that the transaction will enhance their respective positions in the global financial market, leveraging combined expertise to better serve their clients.