Saxo Bank joins J. Safra Sarasin: What сhanges after acquisition
J. Safra Sarasin Group, specializing in private banking and asset management, has completed the acquisition of a controlling stake in the Danish broker Saxo Bank. The deal, first announced in March 2025, took nearly a year to receive the necessary regulatory approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).
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Deal completion and details
According to Saxo Bank press release, as part of the deal, J. Safra Sarasin acquired 71% of Saxo Bank's shares, previously owned by Geely Financials Denmark A/S, Mandatum Group, and other minority shareholders. Initially valued at €1.609 billion, the purchase price was adjusted following a $50 million fine imposed on Saxo Bank earlier this year due to an anti-money laundering (AML) investigation conducted by the DFSA.
Saxo Bank’s founder and former CEO, Kim Fournier, retained around 28% of the company’s shares. Following the completion of the deal, Fournier will transition to the position of Chairman of the Board, while Daniel Belfer, who previously served as CEO at J. Safra Sarasin, will take over as the new CEO of Saxo Bank.
New leadership and organizational changes
As part of the organizational changes, several key figures from J. Safra Sarasin will join the leadership team of Saxo Bank. Henrik Yoel Vilberg, Deputy Chief Operating Officer of the group, will become the Deputy CEO of Saxo Bank and continue overseeing the client services department. Julio Carloto, the Chief Risk Officer at J. Safra Sarasin, will take a similar role at Saxo Bank.
These changes and the new leadership structure underscore Saxo Bank’s efforts to strengthen its market position and continue developing innovative products within the framework of J. Safra Sarasin.
Strategic approach and growth prospects
The completion of the deal aligns with J. Safra Sarasin Group’s strategy of expanding its presence through selective acquisitions in innovative financial companies. Entering the digital and fintech sectors through Saxo Bank enables the group to combine banking stability with fintech flexibility. This acquisition will open new opportunities for Saxo Bank, providing stable growth moving forward.
For Saxo Bank, being part of the J. Safra Sarasin Group will provide additional resources and opportunities to further develop its investment and trading platforms.
Earlier, we reported that Saxo Bank client assets hit DKK 1 trillion milestone.
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