J. Safra Sarasin Group, a Global Leader in Private Banking and Wealth Management, to Acquire a Majority Stake in Saxo Bank, a Leading International FinTech Bank for Investors, Traders, and Institutional (BaaS) partners

J. Safra Sarasin Group and Saxo Bank announce today the signing of a strategic acquisition
by J. Safra Sarasin of approximately 70% of Saxo Bank, previously held by Geely Financials
Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group.
This transaction highlights J. Safra Sarasin Group’s strategy of undertaking acquisitions in
innovative and diversified financial businesses, and further enhances the Group’s successful growth and international footprint in financial services. Saxo Bank will continue to operate as
a standalone entity, with its founder and CEO, Kim Fournais, continuing as CEO and retaining
approximately 28% ownership, underscoring the stability and continuity of the Business, and
reinforcing its long-term vision of creating value for all clients, partners and employees.
This acquisition is in line with J. Safra Sarasin Group’s dedication to building its platform of
long-term value creation for its clients. Saxo Bank’s proven expertise in digital investments
and trading platforms perfectly complements J. Safra Sarasin’s heritage of bespoke wealth
and asset management solutions. J. Safra Sarasin and Saxo Bank are united by shared
values of excellence, stability, and client centricity. J. Safra Sarasin plans to integrate Saxo’s
technology platform, establishing a new frontier in wealth management and setting a
benchmark for innovation and client experience in the industry.
For Saxo Bank, joining J. Safra Sarasin Group represents an exceptional opportunity to
strengthen its foundation for continued future growth, delivering award-winning platforms
and innovative products to its clients and partners. J. Safra Sarasin Group’s financial stability,
global presence, and expertise in sustainability positions Saxo Bank to expand its offering and accelerate its mission to deliver cutting-edge platforms and services to clients and
partners, while continuing to pioneer new standards for client experience in online
investments and trading. With the support of J. Safra Sarasin, Saxo will also strengthen its
trusted long-term BaaS partnerships with banks, corporates, family offices, asset managers,
and independent wealth managers within its institutional client segment.
Commenting 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.”
Commenting 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.”
The transaction is subject to standard regulatory and other approvals, including from the
FINMA and the DFSA.