Saxo Bank has found a buyer.
After putting itself up for sale about eight months ago hiring investment bank Goldman Sachs to “initiate a review of strategic opportunities”, the Copenhagen based Retail FX and CFDs broker has announced that Safra Group unit J. Safra Sarasin Group has inked an agreement to acquire a majority 70% holding in Saxo Bank.
The Saxo Bank stake being acquired by Safra is from China’s Geely Group (just under 50%) and Finland’s Mandatum (about 20%), both of which had indicated their desire to exit their respective positions in the company. Saxo had initially tried to provide liquidity to Geely and Mandatum by pursuing an IPO via a SPAC merger, however that transaction was pulled in late 2022.
Saxo Bank co-founder and current CEO Kim Fournais is not party to the sale, and will retain his approximate 28% ownership in the company.
The parties did not release the financial terms of the transaction, nor the valuation for Saxo Bank in the deal.
Commenting on the Transaction, Jacob J. Safra, Chairman of J. Safra Sarasin Group, said:
“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. The addition of a leading international fintech bank to our Group further underscores our strong commitment to shaping the future of financial services, creating a robust forward-thinking powerhouse primed for long-term growth.”
Commenting on the Transaction, Kim Fournais, CEO and Founder of Saxo Bank, said:
“For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point. I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners. Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective. I feel great pride and comfort knowing that Saxo has found its ideal long-term partner. The win-win opportunities which our business models will create are unique, extending to our employees, clients, and partners. I am incredibly proud of and thankful to Geely and Mandatum for their invaluable support to Saxo since becoming shareholders in late 2018. As we welcome J. Safra Sarasin as our new shareholder, we remain committed to our mission of delivering best-in-class investing and trading platforms to get more curious people invested in the world.”
Commenting on the Transaction, Daniel Belfer, CEO of J. Safra Sarasin Group, added:
“This transaction reflects our commitment to thoughtful, strategic acquisitions that support our long-term vision. As we are looking forward to extending a warm welcome to Saxo Bank’s clients, partners and employees into our Group, we reinforce our dedication to fostering innovation and excellence while maintaining a clear focus on distinct business segments.”
About J. Safra Sarasin Group
As an international group committed to sustainability, J. Safra Sarasin is well established through its banks in more than 30 locations in Europe, Asia, the Middle East, Latin America and the Caribbean. A global symbol of private banking and wealth management tradition, the group emphasizes security and well-managed conservative growth for its clients. It manages total client assets of CHF 224 billion and employs about 2,550 staff, with stockholders’ equity of CHF 5.8 billion.
About J. Safra Group
The J. Safra Group (the “Group”), with total assets under management of USD 345 billion, consists of privately-owned banks under the Safra name and investment holdings in asset-based business sectors such as real estate and agribusiness. The Group’s banking interests in more than 200 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 35,000 employees associated with the J. Safra Group.
