J. Safra Sarasin to Acquire Majority Stake in Saxo Bank

J. Safra Sarasin Group and Saxo Bank entered into an agreement today to acquire around 70% of Saxo Bank from Geely Financials Denmark A/S and Mandatum Group, which by then owned the Danish subsidiary always as part of its shares held by Zhejiang Geely Holding Group Co. Ltd.

On The strategic acquisition, reinforcing that growth and geographic footprint of the J. Safra Sarasin Group is headquartered on innovative and diverse financial businesses; Saxo Bank continues as an independent entity with founder and CEO Kim Fournais being at the helm and retaining about 28% ownership, thus stabilizing business continuity and long-term vision towards value creation for clients, partners, and employees.

In line with its approach to creating lasting benefits for the clients, the acquisition is part of the long-term strategy of J. Safra Sarasin Group. It is complemented by Saxo Bank's experience in digital investments and trading platforms. J. Safra Sarasin prides itself in offering tailor-made products and solutions in wealth and asset management, holds a view that both share the same values of excellence, stability, and client focus, and thus envisages a point in time to integrate Saxo's technology platform and pioneer a new era in wealth management, setting the standard for innovations and customer experience in the industry.

Joining J. Safra Sarasin would be a one-time-life opportunity for Saxo Bank to cement its base for long-term growth, providing award-winning platforms and products continually to clients and partners. Given J. Safra Sarasin's overall financial strength and global reach with credible experience in sustainability issues, Saxo Bank has the way paved to keep expanding its offerings and accelerate the mission of providing cutting-edge platforms and services. This, in turn, will also set new standards in Master Client Experience for the online investment and trading business of Saxo. Also, with J. With Safra Sarasin at the helm, Saxo will continue to consolidate its longer-term BaaS partnerships with banks, corporates, family offices, asset managers, and independent wealth managers along its institutional client base.

Speaking on the Transaction, Jacob J. Safra, Chairman of J. Safra Sarasin Group, said: “This strategic acquisition represents a significant milestone for J. Safra Sarasin. It creates new opportunities for expansion and further increases our competitive edge, while reflecting our unwavering multi-generational commitment to entrepreneurship, sustainability and client success. 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.”

Speaking on the Transaction, Kim Fournais, CEO and Founder of Saxo Bank, said: “For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point. I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners."

“Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective. I feel great pride and comfort knowing that Saxo has found its ideal long-term partner. The win-win opportunities which our business models will create are unique, extending to our employees, clients, and partners. I am incredibly proud of and thankful to Geely and Mandatum for their invaluable support to Saxo since becoming shareholders in late 2018. As we welcome J. Safra Sarasin as our new shareholder, we remain committed to our mission of delivering best-in-class investing and trading platforms to get more curious people invested in the world.” Commenting on the Transaction, Daniel Belfer, CEO of J. Safra Sarasin Group, added: “This transaction reflects our commitment to thoughtful, strategic acquisitions that support our long-term vision. As we are looking forward to extending a warm welcome to Saxo Bank’s clients, partners and employees into our Group, we reinforce our dedication to fostering innovation and excellence while maintaining a clear focus on distinct business segments.”