back Back

Saxo Bank and DCAC to explore a combination and listing of Saxo Bank on Euronext Amsterdam

By Leandra Monteiro

September 16, 2022

  • Business Combination
  • DCAC
  • Denmark
Share

Saxo Bank Saxo Bank A/S and Disruptive Capital Acquisition Company Limited (DCAC) have confirmed their intent to explore a listing of the Bank on Euronext Amsterdam in connection with a business combination with DCAC (the Business Combination).

Saxo Bank is well capitalised, so there will be no primary issue of shares by the Bank. The proposed Business Combination would comprise a secondary sale of existing Saxo Bank shares to DCAC for distribution to DCAC’s shareholders; and the subsequent delisting and liquidation of DCAC, with Saxo being the ongoing Euronext listed entity.

DCAC is soliciting interest from its existing shareholders and other investors in the secondary offer.

The purpose of the potential listing of the Bank is to diversify its shareholder base, raise its profile and so further accelerate its growth strategy.

Saxo Bank shareholders Geely Financials Denmark A/S and Sampo Plc intend to sell a limited proportion of their shareholding. Certain members of Saxo Bank’s board and senior management team, including its founder and CEO Kim Fournais, intend to acquire additional shares alongside DCAC, should the Business Combination proceed.

The potential transaction values the outstanding shares of Saxo Bank (before a Business Combination) at a pro forma aggregate amount of at least € 2 billion.

No binding agreement has been entered into, and there can be no assurance that a Business Combination nor listing of the Bank shares will be achieved.

Kim Fournais, CEO & Founder, Saxo Bank commented, “We have a strong ownership, which we hope to strengthen and diversify even further, with full confidence that Saxo Bank is heading in the right strategic direction. We are building a prudent financial institution that is part of the solutions needed in the future – and we remain committed to delivering on our ambitious growth strategy. With this, I am proud to invite new shareholders into Saxo and the exciting growth journey ahead of us.”

DCAC co-founder, Edi Truell said, “We are thrilled to have identified Saxo Bank as a high-quality financial services combination for DCAC shareholders.  We look forward to bringing our shareholders aboard on Saxo’s exciting journey, which we believe should provide a very attractive investment.”

JP Morgan is acting as a placement agent in connection with the proposed Business Combination.

Previous Article

September 15, 2022

Flutterwave enables eNaira collections for businesses in Nigeria

Read More
Next Article

September 16, 2022

Encapture and Abrigo partner to help financial institutions streamline loan origination

Read More









IBSi Daily News Analysis

December 01, 2023

Business Combination

UAE consumers turn to banks for advice on sustainable finance

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 01, 2023

N26 to offer stock and ETF trading via Upvest’s Investment API

Read More

December 01, 2023

Scottish Widows partners with Moneyhub on open finance features

Read More

December 01, 2023

Plum partners with Eurobank, secures €10m investment

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023