J. Safra Sarasin Group acquires majority stake in Saxo Bank
Saxo Bank to remain fully independent
J. Safra Sarasin Group has announced the acquisition of approximately 70% of Saxo Bank, previously owned by Geely Financials Denmark A/S (a subsidiary of Zhejiang Geely Holding Group) and Mandatum Group.
This transaction marks a significant milestone for J. Safra Sarasin and reaffirms the Group’s strategic commitment to expanding its international presence through investments in forward-looking financial institutions.
Saxo Bank’s independence and strategic synergy
Under the terms of the agreement, Saxo Bank will continue to operate as an independent entity, with its founder and CEO Kim Fournais retaining his leadership role and approximately 28% ownership in the company. This arrangement underscores both parties’ dedication to long-term stability and a shared strategic vision focused on delivering value to clients, partners, and employees.
Integration of digital technologies and strategic partnership
The acquisition is part of J. Safra Sarasin Group’s broader strategy to strengthen its wealth and asset management capabilities through integration with advanced technology platforms. Saxo Bank’s expertise in digital investments and online trading complements J. Safra Sarasin’s well-established reputation for bespoke financial solutions.
“This strategic acquisition represents a major milestone for J. Safra Sarasin. It creates new opportunities for expansion and further enhances our competitive edge, while reflecting our multi-generational commitment to entrepreneurship, sustainability, and client success,” said Jacob J. Safra, Chairman of J. Safra Sarasin Group.
Future outlook and regulatory approval
Saxo Bank CEO Kim Fournais welcomed the new partnership: “For Saxo, our employees, shareholders, clients, partners—and personally for me—today is a pivotal moment. I’ve worked with an exceptional team, always striving to enhance Saxo for the benefit of all stakeholders. Saxo proudly welcomes J. Safra Sarasin as our new majority shareholder—a family-owned banking group with over 180 years of heritage and a long-term outlook. I take great pride and confidence in knowing that Saxo has found its ideal long-term partner.”
J. Safra Sarasin Group CEO Daniel Belfer added: “This transaction reflects our commitment to thoughtful, strategic acquisitions that support our long-term vision.”
The deal is expected to strengthen Saxo Bank’s service offerings and bolster its partnerships with banks, corporates, asset managers, and other institutional clients.
The transaction remains subject to regulatory approvals, including from FINMA and DFSA, before final completion.
Previously, Saxo Bank Group—an international leader in online trading and investment solutions—announced its strongest financial performance in the company’s history.
