The transaction – subject to regulatory clearance – is valued at more than €1.6 billion or $1.74 billion. J Safra Sarasin can tap Saxo's modern trading platforms and tech; Saxo will gain more access to businesses including independent wealth managers, as well as family offices.

Swiss private bank J Safra Sarasin is buying a majority (70 per cent) stake in unlisted Saxo Bank. (Building of Saxo in main photograph.) The stake in the Danish group was previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co, and Mandatum Group.

Finland-based Mandatum, in its own statement, sold its 19.83 per cent stake in the trading platform and wealth management group for €319 million ($346 million). 

Based on that percentage, the 70 per cent stake in total is worth slightly over €1.6 billion. The figure was confirmed to this news service by a Saxo Bank spokesperson.

The transaction is subject to standard regulatory and other approvals, including from the Swiss and Danish financial regulators, FINMA and the DFSA.

J Safra Sarasin Group said its acquisitions were “innovative and diversified financial businesses.”

As a result of the deal, Saxo will strengthen its long-term business-as-a-service partnerships with banks, corporates, family offices, asset managers, and independent wealth managers within its institutional client segment, J Safra Sarasin said in a statement yesterday. 

Saxo Bank will continue to operate as a standalone entity, with its founder and CEO, Kim Fournais, continuing as CEO and retaining about 28 per cent.

The Swiss bank said it intends to integrate Saxo’s technology platform.

“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,” Jacob J Safra, chairman of J Safra Sarasin Group, said. 

Saxo has been reviewing its operations. For example, in June last year it kicked off a review of strategic opportunities for its Asia-Pacific presence, aiming to accelerate growth. Saxo said it intends to form partnerships, using its offices in Australia, Japan, and Hong Kong to that end.

Earlier in March, Saxo reported a net profit DKK1.005 billion ($141 million) for 2024, up from DKK260 million in 2023.