Saxo Bank refocuses core Business, divests Stake in Saxo Fintech to Geely Group
June 29, 2023 - In an intriguing strategic move, Saxo Bank announced today that it has divested its stake in Saxo Geely Tech Holding A/S ("Saxo Fintech") to Geely Group. This divestiture is part of a broader strategy by Saxo Bank to concentrate more intensively on its core business and markets.
The deal involves an uncommon form of compensation. Rather than a traditional cash transaction, Saxo Bank will receive its own shares in return. This share acquisition amounts to approximately 2% of the outstanding Saxo Bank shares, which leads to an adjusted ownership structure: Geely Financials Denmark now holds 49.88%, Fournais Holding 28.09%, Sampo 19.83%, and minority shareholders own the remaining 2.20%.
Saxo Fintech, established in 2019 as a technology joint venture, was co-owned by Saxo Bank and Geely Group. The firm operates with a separate technology stack to deliver financial and regulatory technology solutions to financial institutions such as banks, brokers, and fintech companies in Mainland China.
Post-sale, Geely Group will hold complete ownership of Saxo Fintech, underscoring the company's commitment to the fintech sector. The transaction is subject to customary closing conditions, including obtaining regulatory approval.
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