Safra Sarasin Group to Buy Majority Stake in Saxo Bank
Swiss private bank J. Safra Sarasin Group has finalized an agreement to purchase a 70% stake in Saxo Bank, a deal valued at approximately 1.1 billion euros ($1.19 billion). This acquisition includes buying out Finnish Mandatum's 19.8% share and the 49.9% stake held by Chinese group Geely, while Saxo Bank's CEO Kim Fournais will continue in his role and maintain a 28% ownership. The transaction highlights a strategic move within the financial sector, as J. Safra Sarasin aims to enhance its digital trading and investment offerings.
- This acquisition illustrates the increasing consolidation in the financial services industry, as firms seek to bolster their digital capabilities amidst growing competition.
- What implications will this deal have for Saxo Bank's strategic direction and its competitive edge in the evolving fintech landscape?