The Danish Saxo Bank, also popular among Polish investors, will be taken over by the Swiss private bank J. Safra Sarasin Group. The Swiss will take over 70% of the shares.
The entire Saxo Bank was valued at EUR 1.6 billion in this transaction, and the amount that the new owner will pay for the 70% stake is EUR 1.1 billion, Saxo Bank said in a statement.
The Swiss are taking over shares from the Finnish company Mandatum (19.8%) and the Chinese group Geely (49.9%). Kim Fournais, the president and founder of Saxo Bank, will retain his 28% stake. He will also remain as the company's CEO. Small shareholders will also retain slightly over 2% of the shares.
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Saxo Bank was founded in Denmark in 1992 and in 1998 launched one of the first online trading platforms in Europe. Today, it is considered one of the leading European fintechs, which invests heavily in technology, making it easier for clients to navigate the financial markets. According to the latest data, the institution currently serves almost 1.3 million clients.
The deal is not a surprise. Reuters reported last year that Saxo Bank was considering various strategic options, including acquiring a new owner.
The companies expect that operating within one group will allow them to maintain a dynamic growth path and take advantage of synergies. The J. Safra Sarasin Group, which is presented as a “family-owned Swiss financial conglomerate”, has been entrusted with assets worth USD 247 billion by clients to date, and in the case of Saxo Bank, USD 118 billion.
Saxo Bank's offer, also addressed to Polish retail investors, includes trading in shares from over 50 markets around the world, ETF funds, bonds, options and currency contracts.
