J. Safra Sarasin Group has signed an agreement to acquire approximately 70% of Saxo Bank, previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd (China), and Mandatum Group (Finland).

J. Safra Sarasin, a Swiss private banking group based in Basel, aims to expand its financial services through this acquisition.

Saxo Bank, headquartered in Copenhagen, Denmark, will continue to operate as an independent entity.

Its founder and CEO, Kim Fournais, will retain around 28% ownership and remain in his role.

J. Safra Sarasin intends to integrate Saxo Bank’s digital investment and trading platform with its own wealth and asset management services.

Jacob J. Safra, Chairman of J. Safra Sarasin Group, stated:

“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.”

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.”

J. Safra Sarasin’s acquisition of Saxo Bank is subject to regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).

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