Following the acquisition, Copenhagen-based Saxo will continue to operate as a standalone entity. Its founder and CEO, Kim Fournais, will remain in his role as CEO. He will also retain his 28% stake in the bank. In addition, J. Safra Sarasin will integrate Saxo’s technology platform in its business after the completion of the transaction.
“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,” says Jacob J. Safra, chairman of J. Safra Sarasin Group.
“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,” he adds.
The transaction “marks an inflection point,” according to Fournais. “I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners.”
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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,” he adds. “I am incredibly proud of and thankful to Geely and Mandatum for their invaluable support to Saxo since becoming shareholders in late 2018.”
Daniel Belfer, CEO of J. Safra Sarasin Group, also extended a “warm welcome” to the bank.
The transaction is subject to standard regulatory and other approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Dubai Financial Services Authority (DFSA).
As at the date of the announcement, J. Safra Sarasin Group has client assets of US$247 billion ($329.07 billion) while Saxo Bank has US$118 billion in client assets.
