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J. Safra Sarasin Group has completed its acquisition of approximately 71% of Saxo Bank, the Danish fintech bank, following regulatory clearance from both the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA). The deal brings together combined client assets of over USD 460 billion.
The acquired stake was previously held by Geely Financials Denmark A/S, Mandatum Group, and other minority shareholders. Kim Fournais, who founded Saxo Bank in 1992, retains approximately 28% ownership.
The transaction is part of J. Safra Sarasin Group's strategy of selective acquisitions in digital financial services businesses, aimed at complementing its existing private banking, wealth management, and asset management activities.
As part of the organisational changes, Kim Fournais steps down as Chief Executive Officer to become Chairman of the Board of Saxo Bank. Daniel Belfer, previously Chief Executive Officer of Bank J. Safra Sarasin, has been appointed as the new Chief Executive Officer of Saxo Bank. Belfer brings nearly three decades of financial industry experience, 26 years of which were with J. Safra Sarasin Group.
Bank J. Safra Sarasin has in turn appointed Elie Sassoon as its new Chief Executive Officer. Sassoon, a member of the Group Executive Board and previously responsible for the Private Banking division of Bank J. Safra Sarasin, has been with J. Safra Group for 49 years.
Further changes to Saxo Bank's leadership structure include Henrik Juel Villberg, who has worked at the bank for over 20 years, being appointed Deputy Chief Executive Officer while retaining his role as Head of Group Client Journeys and joining the Board of Management. Julio Carloto, previously Chief Operating Officer Asia at J. Safra Sarasin in Singapore, will take on the role of Chief Risk and Compliance Officer at Saxo Bank and will also join the Board of Management. The Board of Management will therefore consist of Daniel Belfer, Henrik Juel Villberg, Mads Dorf Petersen as Chief Financial Officer, and Julio Carloto.
Jacob J. Safra, Chairman, J. Safra Sarasin Group said:
"We are proud to have completed this transaction, and we are excited by what the future will bring. As we open this new chapter, I would like to welcome all clients, partners, and employees of Saxo Bank to our Group. Together, we will build on Saxo Bank's pioneering spirit with the strength and long-term perspective of J. Safra Sarasin to redefine the client experience in financial services."
Kim Fournais, CEO and Founder, Saxo Bank
Kim Fournais, CEO and Founder, Saxo Bank commented:
"Today represents a significant milestone for Saxo Bank, our dedicated employees, valued clients, and trusted partners, and for me personally. I am incredibly proud of what we have built together since I founded Saxo Bank in 1992, and I feel great comfort knowing that Saxo Bank has found its ideal long-term shareholder. We have worked diligently over the years to elevate Saxo Bank for the benefit of our clients, partners, and employees.
With J. Safra Sarasin Group as our new majority shareholder, we are now part of a family-owned banking group that boasts a rich heritage and a long-term vision. I am pleased to pass on the torch as CEO to Daniel Belfer, whose expertise and leadership will guide Saxo Bank into this exciting new chapter.
As we welcome J. Safra Sarasin, we extend our sincere gratitude to the departing Board of Directors and to Geely and Mandatum for their invaluable support and leadership."
Daniel Belfer, incoming CEO, Saxo Bank
Daniel Belfer, incoming CEO, Saxo Bank said:
“Today marks a defining moment for Saxo Bank. Stepping into the role of CEO of Saxo Bank is a real privilege, and I am looking forward to working together with the Board, the rest of the management team and all employees to strengthen Saxo's foundation while accelerating our ambition - bringing together Saxo Bank's digital, client-first innovation with J. Safra Sarasin's legacy of stability, prudent risk management, and enduring client relationships. Together, we will serve our clients even better and build a platform for enduring growth in a fast-changing financial world.”
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