J. Safra Sarasin completes acquisition of majority stake in Saxo Bank

Private banking and wealth management firm J. Safra Sarasin has completed the acquisition of a majority stake in fintech bank Saxo Bank.

The transaction has received all necessary approvals, with J. Safra Sarasin Group acquiring approximately 71 per cent of Saxo Bank, previously held by Geely Financials Denmark A/S, Mandatum Group and other minority shareholders.

Saxo Bank founder, Kim Fournais, will retain approximately 28 per cent ownership of the fintech, and will step down as CEO to chair the board of directors.

Bank J. Safra Sarasin CEO, Daniel Belfer, will be appointed as CEO of Saxo Bank, while Elie Sassoon will become CEO of Bank J. Safra Sarasin.

The announcement stated that the deal will enhance the global long-term potential of both firms, with combined client assets of more than $460bn.

J. Safra Sarasin said the acquisition reflected its strategy of selective acquisitions in innovative and diversified financial services businesses, complementing its private banking, wealth management, and asset management activities with advanced digital capabilities.

Saxo Bank’s Board of Management will consist of Saxo Bank CEO, Daniel Belfer, deputy CEO, Henrik Juel Villberg, CFO, Mads Dorf Petersen, and CRCO, Julio Carloto.

“We are proud to have completed this transaction, and we are excited by what the future will bring,” commented J. Safra Sarasin Group chair, Jacob J. Safra.

“As we open this new chapter, I would like to welcome all clients, partners, and employees of Saxo Bank to our group.

“Together, we will build on Saxo Bank’s pioneering spirit with the strength and long-term perspective of J. Safra Sarasin to redefine the client experience in financial services.”

Fournais added: “Today represents a significant milestone for Saxo Bank, our dedicated employees, valued clients, and trusted partners, and for me personally.

“I am incredibly proud of what we have built together since I founded Saxo Bank in 1992, and I feel great comfort knowing that Saxo Bank has found its ideal long-term shareholder.

“We have worked diligently over the years to elevate Saxo Bank for the benefit of our clients, partners, and employees.

“With J. Safra Sarasin Group as our new majority shareholder, we are now part of a family-owned banking group that boasts a rich heritage and a long-term vision.

“I am pleased to pass on the torch as CEO to Daniel Belfer, whose expertise and leadership will guide Saxo Bank into this exciting new chapter.

“As we welcome J. Safra Sarasin, we extend our sincere gratitude to the departing board of directors and to Geely and Mandatum for their invaluable support and leadership.”

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