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Home > Finance > Safra Sarasin Group to buy majority stake in Saxo Bank

Finance

Safra Sarasin Group to buy majority stake in Saxo Bank

Published by Global Banking and Finance Review

Posted on March 10, 2025

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STOCKHOLM (Reuters) -Swiss private bank J. Safra Sarasin Group has agreed to buy 70% of Denmark's Saxo Bank in a deal valued at around 1.1 billion euro ($1.19 billion), Saxo Bank said on Monday.

Reuters reported last year that the group, which offers digital trading and investment services, was exploring different strategic options including a sale.

In a statement Safra Sarasin said it had agreed to buy Finnish Mandatum's stake of 19.8% as well as the 49.9% stake of Chinese group Geely, while Saxo Bank's CEO Kim Fournais would stay in his role and retain his stake of 28%.

The valuation of all shares in Saxo Bank is about 1.6 billion euros, valuing the 70% stake at about 1.1 billion, Saxo Bank said.

In a separate statement, Mandatum said it had sold its stake for around 319 million euros ($345.92 million).

($1=0.9228 euros)

(Reporting by Anna Ringstrom; Editing by Stine Jacobsen and Clarence Fernandez)

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