J. Safra Sarasin Group buys majority stake in Saxo Bank

By Gloria Methri

J. Safra Sarasin Group has taken a majority stake in Saxo Bank, acquiring approximately 70% of the company from Geely Financials Denmark and Mandatum Group. The deal marks a strategic move by J. Safra Sarasin to expand its presence in digital investment and trading, aligning with its long-term vision of innovation and financial growth.

Despite the acquisition, Saxo Bank will continue to operate independently, with founder and CEO Kim Fournais retaining his leadership role and a 28% ownership stake. This ensures stability and continuity as the bank continues its mission to enhance digital trading and investment experiences.

By integrating Saxo Bank’s advanced technology into its wealth and asset management services, J. Safra Sarasin aims to set new standards in digital finance. The acquisition paves the way for more significant synergies, expanding Saxo’s reach in Banking-as-a-Service (BaaS) partnerships and reinforcing its position as a leader in online investments.

With J. Safra Sarasin’s financial strength and Saxo Bank’s technological expertise, the partnership is poised to drive innovation, enhance client services, and shape the future of digital wealth management.

Commenting on the transaction, Jacob J. Safra, Chairman of J. Safra Sarasin Group, said, “This strategic acquisition creates new opportunities for expansion and further increases our competitive edge, while reflecting our 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.”

Kim Fournais, CEO and Founder of Saxo Bank, said, “Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective. 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.”

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.”