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J. Safra Sarasin Group, a global private banking and wealth management firm, has agreed to acquire approximately 70% of Saxo Bank from Geely Financials Denmark and Mandatum Group, the companies announced today.
The acquisition aligns with J. Safra Sarasin's strategy of investing in innovative financial businesses to enhance its international footprint. According to the announcement, Saxo Bank will continue to operate as a standalone entity, with founder Kim Fournais remaining as CEO while retaining approximately 28% ownership.
J. Safra Sarasin Group, which manages client assets of USD 247 billion, intends to integrate Saxo Bank's technology platform to strengthen its wealth management offerings. Saxo Bank currently has USD 118 billion in client assets.
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."
For Saxo Bank, the transaction is expected to provide a foundation for continued growth, enabling it to expand its offering and strengthen its banking-as-a-service partnerships with various financial institutions.
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."
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."
The transaction remains subject to regulatory approvals, including from Switzerland's FINMA and Denmark's DFSA.
Saxo Bank Group specialises in connecting traders, investors and partners to global markets. We provide clients with solutions that help them access and innovate across global capital markets. Our partners benefit from best-in-class multi-asset execution and post-trade processes from a single margin account, with integrated back-office and regulatory services.
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