Danish broker Saxo Bank announced that it is selling its stake in Saxo Fintech, a joint venture with Geely Group, in order to focus on its core business.
Under the terms of the deal, Saxo Bank will receive 2 percent of its own outstanding shares.
According to information published on the FNG portal, Saxo Bank's new ownership structure will consist of Geely Financials Denmark (49.88%), Fournais Holding (28.09%), Sampo (19.83%), and minority shareholders (2.20%).
As part of the agreement, Geely Group will acquire all of Saxo Bank's shares in Saxo Fintech and become its sole owner.
Saxo Fintech was established in 2019 as a technology joint venture, providing financial and technology solutions to financial institutions in mainland China. Ownership of the joint venture will be split equally between Saxo Bank and Geely Group.
The transaction is subject to regulatory approval.
Previously, we reported that Saxo Bank had been officially designated as a systemically important financial institution (SIFI) by the Danish Financial Supervisory Authority (FSA).
